Bursa Malaysia Stock Watch
Top Glove: Maintain Sell - Convergence of negatives
kltrader
Publish date: Wed, 14 Mar 2012, 10:35 AM
kltrader
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Maintain Sell. Top Glove's upcoming 2QFY12 core net profit is likely to overshoot our forecasts but be in line with consensus estimates. Despite our earnings upgrade (+9-11%), the stock is still trading at a pricey CY13 PER of 16x. We think rising latex costs, a weakening USD, minimum wage hikes and a high foreign shareholding of 35% will impinge on the stock's performance. Maintain Sell, but our TP is raised to RM4.20 (+24%) post our earnings upgrade and as we peg the stock at 14x CY13 PER (DCF previously).
Maybank Research 14 March 2012
Click here for full report
Maybank Research 14 March 2012
Click here for full report
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