[TOP GLOVE CORP BHD：集团的生产线总数将增加194条，年产能将增加202亿只手套，相当于增加32％的产能，到2020年12月，Top Glove预计将拥有876条生产线，年产手套为841亿只]

FY19 vs FY18:
在2019财年，集团的销售收入为48亿令吉，比2018财年增长13.8％，而销量也比上一年增长10％。强劲的销售量增长主要来自丁腈手套业务，增长了约30％，外科手套业务增长了46％。

尽管新兴市场的需求继续呈上升趋势，但需求增长百分比与2018财年相比较低，在2018财年，顶级手套经历了多年来最强劲的增长。丁腈手套业务表现出色，销售量强劲增长约30％，利润率有所提高。这主要归因于新的和技术更先进的丁腈手套工厂的产品质量提高和效率水平提高以及自动化程度的提高。为了加强对丁腈手套的关注，该集团在过去两年中将丁腈产能提高了54％，并计划进一步发展。

虽然天然橡胶胶乳的平均价格从2018财年的4.51令吉/公斤下降了8.6％至2019财年的4.12令吉/公斤，但在本财政年度的几个月中呈指数级增长，在9 April 2019达到顶峰的5.11令吉/公斤。但是，它目前呈下降趋势价格为每公斤4.38令吉（截至2019年9月26日），预计价格将在20财年第1季度降低。与此同时，丁腈乳胶的平均价格从2018财年的1.13美元/千克下降至2019财年的1.11美元/千克，微幅下降了1.8％。

4Q19 vs 3Q19:
除税前溢利减少1.2％，而除税后溢利则增加6.5％。丁腈手套部门的利润贡献也有所增加，但被乙烯基手套部门的亏损以及天然橡胶手套部门的较低利润贡献所抵消。由于19财年3季度销售价格上调生效，天然橡胶手套的利润率有所改善。在从未使用税损失和津贴中确认递延税项资产后，顶级手套在2019财年第四季度也享受较低的税收优惠。

前景：
顶级手套将继续寻求扩张，以满足全球手套需求的增长，全球手套需求将以每年10％的速度增长。这将使集团的生产线总数增加194条，年产能增加202亿只手套，相当于增加32％的产能。到2020年12月，Top Glove预计将拥有876条生产线，年产手套为841亿只。

为了强调他们对可持续发展的承诺，他们成立了董事会可持续发展委员会，由5名非执行董事组成，以使他们能够在这个日益重要的领域取得有意义的进步。他们继续加强其举措，特别是在劳工实践领域，其重点包括以下内容：

a）实施零招聘费政策，根据该政策，公司承担其外籍工人招聘成本的100％。
b）制定为期5年的“多元化与共融路线图”，以进一步加强他们在这一领域的实践。
c）引入“零伤害计划”，根据该计划，工厂将拥有一个指定的且设备齐全的急救角，该角已实施。

他们还推出了其旗舰绿色产品BioG​​reen™可生物降解的丁腈手套（无粉），与传统的丁腈检查手套相比，其生物降解速度至少快10倍。此外，顶级手套被列入2019年9月道琼斯可持续发展指数（DJSI）新兴市场的指数成分。

此外，Top Glove在本财政年度中还获得了数个著名的奖项，包括在2018年MSWG东盟企业管治奖中获得了行业卓越奖（医疗保健）。该公司还在2019年《亚洲货币》亚洲杰出公司民意调查中被评为马来西亚最杰出公司（工业领域）。

展望未来，Top Glove对公司以及整个行业的前景都保持乐观，观察到对手套的需求仍然强劲，如销售和销量增长所证明。随着持续的质量，自动化和流程改进计划的到位，Top Glove仍然对在下一个财政年度取得更好的表现感到乐观。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.70 (dividend RM0.025) in 1 year 1 month 13 days, total return is 141.3%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.47 (dividend RM0.04) in 1 year 2 months 24 days, total return is 89.9%

c) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.26 in 9 months 12 days, total return is 57.5%

d) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.66 in 1 month 2 days, total return is 45.1%

e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.09 (dividends RM0.083) in 11 months 18 days, total return is 36.7%

f) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.29 (dividend RM0.018) in 9 months 4 days, total return is 35.5%

g) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.64 (dividend RM0.07) in 10 months 10 days, total return is 34.6%

h) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.30 (dividend RM0.1875) in 11 months 14 days, total return is 31.6%

i) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.745 in 8 months 8 days, total return is 29.6%

j) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.14 (dividend RM0.01) in 3 months 23 days, total return is 28.7%

k) PESTECH (PESTECH INTERNATIONAL BHD), recommended on 2 Jun 19, initial price was RM1.04, rose to RM1.19 in 3 months 23 days, total return is 14.4%

l) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM4.20 (dividends RM0.111) in 1 Year 1 month 27 days, total return is 8.9%

m) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.90 in 8 months 25 days, total return is 5.9%

我希望将我的策略分享给读者，希望他们在阅读后能够表现出色。我正在使用基本面分析（Fundamental Analysis）：

预计公司每年的增长率必须> 14％

我想说服读者学习基本面分析FA以便能从股市赚钱。

我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人，可以通过jamesngshare@gmail.com 或我的FB页面与我联系。

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3) 【公司业绩分享会】:
2p.m. – 7p.m.，免费茶和咖啡

10月18日星期五：Silka Johor Bahru Hotel, Johor Bahru 5份点心

12月20日星期五：AG Hotel Penang, George Town 2份点心

12月27日星期五：Hotel Sri Petaling, KL 3份点心

有兴趣的朋友，可以电邮或PM FB page联络我
email：jamesngshare@gmail.com
电话/Whatsapp : 011 - 15852043

Facebook Group: https://www.facebook.com/groups/jamesinvesting

这个是我的TELEGRAM Group链接，大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw

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这个分享纯属讨论以及领域的分析，买或卖自负。请Like和Share这个post。最终决定永远是你的，谢谢。

James Ng
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[TOP GLOVE CORP BHD: This will boost the Group’s total number of production lines by an additional 194 lines and production capacity by 20.2 billion gloves per annum, represent an increase of 32% in capacity, by December 2020, Top Glove is projected to have 876 production lines and a production capacity of 84.1 billion gloves per annum]

FY19 vs FY18:
For FY2019, the Group posted Sales Revenue of RM4.8 billion, an increase of 13.8% over FY2018, while Sales Volume also rose 10% compared with the previous year. The strong Sales Volume growth resulted mainly from the nitrile glove segment which saw a surge of about 30% and surgical glove segment which grew by 46%.

While demand in emerging markets continues to trend upward, the percentage of increase in demand recorded was lower compared with FY2018, during which the Group had experienced its strongest growth in many years. The nitrile glove segment has delivered a markedly better performance with strong Sales Volume growth of about 30% and improved profit margins recorded. This was largely attributed to improved product quality and higher efficiency levels from newer and more technologically advanced nitrile glove factories, with increased automation. Towards strengthening their focus on the nitrile glove segment, the Group has increased its nitrile capacity by 54% over the past 2 years, with plans to grow further.

While the average natural rubber latex price fell 8.6% from RM4.51/kg in FY2018 to RM4.12/kg in FY2019, it had increased exponentially over the course of several months within the financial year, peaking at RM5.11/kg on 9 April 2019. However, it is on a downward trend and currently at RM4.38/kg (as at 26/09/2019), with prices expected to be lower by 1QFY20. Meanwhile, the average nitrile latex price decreased slightly 1.8% from USD 1.13/kg in FY2018 to USD 1.11/kg in FY2019.

4Q19 vs 3Q19:
Profit Before Tax eased by 1.2% while Profit After Tax increased by 6.5%. Profit contribution from the nitrile glove segment also increased, but was offset by losses in the vinyl glove segment as well as lower profit contribution from the natural rubber glove segment. An improvement in the profit margin for natural rubber gloves was recorded as a result of the upward revision in selling price in 3QFY19 came into effect. The Group also enjoyed lower taxation in 4QFY19 following the recognition of deferred tax assets from unutilised tax losses and allowances.

Prospects:
The Group will continue pursuing expansion in order to meet the increase in global glove demand which is set to grow by 10% yearly. This will boost the Group’s total number of production lines by an additional 194 lines and production capacity by 20.2 billion gloves per annum, represent an increase of 32% in capacity. By December 2020, Top Glove is projected to have 876 production lines and a production capacity of 84.1 billion gloves per annum.

Underscoring their commitment to sustainability, they established a Board Sustainability Committee comprising 5 of their Non-Executive Directors, to enable them to make meaningful strides in this increasingly important space. They continue to step up their initiatives particularly in the area of labour practices, the highlights of which include the following:

a) Implementing the Zero Recruitment Fee Policy under which the company bears 100% of its foreign workers’ recruitment costs.
b) Developing a 5-year Diversity & Inclusion Roadmap to further enhance their practices in this area.
c) Introducing the “Zero Harm Programme” under which factories will have a designated and well-equipped First Aid Corner, which has since been implemented.

They also launched their flagship green product, BioGreen™ Biodegradable Nitrile Gloves (Powder-Free), which are proven to biodegrade at least 10 times faster compared to conventional nitrile examination gloves. In addition, Top Glove was included as an index component of the Dow Jones Sustainability Indices (DJSI) for Emerging Markets in September 2019.

In addition, Top Glove was honoured with several prestigious awards over the course of the financial year, including the Industry Excellence Award (Healthcare) at the MSWG Asean Corporate Governance Award 2018. The company was also named the Most Outstanding Company in Malaysia (Industrials Sector) in 2019 Asiamoney Asia’s Outstanding Companies Poll.

Going forward, Top Glove remains upbeat about prospects for both company as well as industry, observing that the demand for gloves is still strong as demonstrated by the sales and volume growth. With the on-going quality, automation and process improvement initiatives in place, Top Glove remains optimistic of a better showing in the financial year ahead.
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I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

the forecasted growth of a company must > 14% per year

I wish to convince readers to learn FA in order to make money from stock market.

I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page.

This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng