Bursa Malaysia Stock Watch
Top Glove Corporation (Sell) Overcapacity far from over
kltrader
Publish date: Mon, 19 Dec 2011, 11:40 AM
kltrader
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Results in line. 1QFY12 net profit of RM31m (+21% QoQ, -13% YoY) was 23% of our full-year forecast and 20% of consensus. After the recent share price run-up, we think the market will refocus on earnings deliveries. We see downside risk to street's earnings estimates as we expect higher latex cost ahead, exacerbated with overcapacity which may take another 1-3 years to be absorbed. 16x CY13 PER is pricey. Our RM3.40 DCF-derived TP implies 12x CY13 PER.
Maybank research (19 December 2011)
Click here for full report
Maybank research (19 December 2011)
Click here for full report
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