Beat street's estimates strongly. 9MFY12 core net profit of MYR134m (+54% YoY) made up 75% of our full-year forecast and 82% of consensus. We tweak our FY12-14 EPS upward by 4-5% as we lower our FY12 tax rate assumption to 21% (-1-ppt) and impute for higher sales volume in FY12-14 (+2%). Top Glove remains a BUY for its strong tailwinds (declining latex cost, stronger USD, higher sales volume) and undemanding 14x CY13 PER (historical mean: 16x). TP is raised slightly to MYR5.60 (+4%), based on unchanged 16x CY13 PER.

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Source: Maybank Research - 15 June 2012