[TOP GLOVE CORP BHD：Top Glove能够进一步将机器利用率提高到接近100％，以满足需求的激增；随着F2B和F5A的开始运营，它将有新的产能投产，到全面运营时，这将增加总共24条生产线和每年32亿只手套的产能]

2Q20 vs 2Q19:
Top Glove在2020财年第2季度实现了12.3亿令吉的销售收入，比2019财年第2季度增长了6％。税前利润和税后利润分别为1.304亿令吉和1.16亿令吉，分别比去年同期增长3.9％和8.7％。这归因于稳定的销售量（售出数量）增长，其中丁腈手套部门的增长特别强劲，与2019财年第二季度相比，其销量增长了14％。天然橡胶手套的销量较2019财年第二季度下降6％，而利润率受到天然橡胶胶乳浓缩物价格上涨19％的影响，而平均售价（ASP）的相应增长不足以抵消。同时，由于顶级手套通过积极的营销策略恢复了市场份额，并且生产利用率也有所提高，天然橡胶手套的季度销量quarter-on-quarter增长了11％。税后盈利为1.16亿令吉，year-on-year同期增长8.7％，这是由于集团继续享受其持续扩张的税收优惠以及部分子公司的未动用免税额。

在1HFY2020，Top Glove的销售收入为24.4亿令吉，比1HFY19的销售收入和销量均有所提高。税前利润为2亿5580万令吉，减少4.3％，而税后利润为2亿2780万令吉，较1HFY2019增加4.4％。

由于过去两年来实施的改进措施，Aspion的业绩也取得了显着进步，Aspion手术手套的销量year-on-year大幅增长了29％。从生产到营销，Aspion的整个运营活动将继续加大改进力度，以确保集团充分发挥Aspion的潜力，并在外科手术手套领域建立更大的影响力。天然橡胶乳胶平均价格为4.37令吉/千克，较2019财年第二季度上涨19％，而丁腈乳胶平均价格为1美元/千克，同比下降8.3％。

2Q20 vs 1Q20:
集团在2020财年第2季度的销售收入为12.3亿令吉，增长1.7％，销量（售出数量）比2020财年第1季度增长2％。尤其是，天然橡胶手套的销售额quarter-on-quarter增长了11％，带来了更高的利润率，因为顶级手套从竞争对手那里夺回了市场份额。同时，税前利润和税后利润分别增长3.9％至1亿3040万令吉和3.8％至1亿1600万令吉。在本季度的回顾中，Aspion的业绩也有所改善，外科手套的销售额比2020财年第一季度增长了29％。天然橡胶胶乳浓缩物平均价格为每公斤4.37令吉，较2020年第一季度上涨5.8％，丁腈乳胶的平均价格为1美元/千克，quarter on quarter下降5.3％。

前景：
鉴于全球手套需求的增长，Top Glove将继续扩大其业务，以确保其能帮助保护和挽救生命，特别是考虑到持续爆发的COVID-19。在爆发初期，销售订单主要来自中国，香港，新加坡和韩国。但是，随着COVID-19迅速扩展到全球其他大洲，该集团最近几周也收到了来自欧洲，美国和其他国家的强劲销售订单，这使该集团的销售订单翻了一番。顶级手套还预计，世界卫生组织（WHO）于2020年3月12日宣布COVID-19爆发为大流行，最终将导致医疗保健和其他部门需要更多的医疗用品，例如手套和其他必需品。

当前的机器利用率水平超过90％，Top Glove能够进一步将机器利用率提高到接近100％，以满足需求的激增。此外，随着F2B和F5A的开始运营，它将有新的产能投产，到全面运营时，这将增加总共24条生产线和每年32亿只手套的产能。

未来的扩长将使集团的生产线总数增加150条，每年的生产能力将增加177亿只手套。到2021年12月，顶级手套预计将拥有861条生产线，每年的手套生产能力为911亿只。

2020年1月23日，Top Glove被马来西亚Rating Corporation Berhad（MARC）授予AA的公司信用评级，这是马来西亚制造公司获得的最高评级。这表明Top Glove在全球范围内强劲且可持续的手套需求的支持下，显示出强劲的收入增长和净利润，正现金流量产生，稳定的营运资金管理。

在另一项发展中，Top Glove于2020年3月2日与Adventa Capital Pte Ltd达成了一项有关子公司Top Care购买Aspion Sdn. Bhd.的所有纠纷的和解协议。作为协议的一部分，Top Care总共获得了2.45亿令吉，作为争端的全部和最终解决，所有当事方将撤回其各自的法律主张，而无权提起新诉讼。和解协议不会对Top Glove的已发行和缴足股本产生任何影响，并有望改善现金流。结算产生的现金收入将与投资成本抵销，相关商誉将相应减少。 Top Glove认为，友好解决争端符合他们和利益相关者的最大利益，使他们能够专注于发展各自的业务。

展望未来，集团预见了非常稳固的季度，在COVID-19疫情爆发后，已经获得了未来几个月的超大销售订单，COVID-19疫情见证了手套销售订单的激增，这是医疗领域的重要项目。此外，其他几个因素的相互作用，包括最近的油价暴跌，也预示着Top Glove的2HFY2020表现良好。随着认识和使用的增加，对手套的需求预计每年还将继续以至少10％的速度增长，尤其是在COVID-19大流行的情况下。在此期间开始使用手套的新用户，即使在疫情消退之后也有望继续使用，并且已经意识到他们在保护生命方面的重要性，就像过去的H1N1疫情一样。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.35 (dividend RM0.04) in 1 year 8 months 18 days, total return is 74.8%

b) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.12 (dividend RM0.025) in 1 year 7 months 7 days, total return is 60.1%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.07 (adjusted)(dividend RM0.055) in 9 months 17 days, total return is 27.2%

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。

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James Ng
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[TOP GLOVE CORP BHD: Top Glove is able to further ramp up production close to 100%, to meet the surge in demand; moreover, it has new capacity coming onstream with F2B and F5A having commenced operations, which will add a total of 24 lines and a capacity 3.2 billion pieces of gloves per annum, when fully operational]

2Q20 vs 2Q19:
Top Glove achieved Sales Revenue of RM1.23 billion in 2QFY2020, an increase of 6% compared with 2QFY2019. Profit Before Tax and Profit After Tax came in at RM130.4 million and RM116 million, up 3.9% and 8.7% respectively against the corresponding period last year. This was attributed to steady Sales Volume (Quantity Sold) growth, with particularly strong growth in the nitrile glove segment, where there was a 14% increase in Sales Volume versus 2QFY2019. Sales Volume for natural rubber gloves was softer by 6% against 2QFY2019, while margins were impacted by a 19% surge in natural rubber latex concentrate prices which the corresponding increase in average selling prices (ASP) was not sufficient to offset. Meanwhile, quarter-on-quarter Sales Volume for natural rubber gloves improved by 11% as Top Glove recovered market share through aggressive marketing strategies and production utilisation also increased. Profit After Tax was RM116 million, increasing by 8.7% year-on-year, as the Group continued to enjoy tax incentives from its ongoing expansion, as well as unutilised tax allowances from some of its subsidiaries.

For 1HFY2020, Top Glove delivered Sales Revenue of RM2.44 billion, an improvement from 1HFY19 in terms of both Sales Revenue and Sales Volume. Profit Before Tax was RM255.8 million, easing 4.3% while Profit After Tax was RM227.8 million, an increase of 4.4% versus 1HFY2019.

The Group also recorded significant progress in Aspion’s performance arising from enhancement initiatives implemented over the past 2 years, as Sales Volume for Aspion’s surgical gloves grew substantially by 29% year-on-year. Improvement efforts will continue to be intensified across Aspion’s operations from Production to Marketing, to ensure the Group realises Aspion’s full potential and establishes a bigger presence in the surgical glove segment. Average natural rubber latex concentrate prices at RM4.37/kg, up 19% against 2QFY2019, while the average nitrile latex price was USD1/kg, down 8.3% year on year.

2Q20 vs 1Q20:
The Group’s Sales Revenue for 2QFY2020 was RM1.23 billion, up 1.7%, with growth in Sales Volume (Quantity Sold) of 2% versus 1QFY2020. In particular, quarter-on-quarter Sales Volume for natural rubber gloves improved by 11%, delivering a higher profit margin as well, as Top Glove recovered market share from its competitors. Meanwhile, Profit Before Tax and Profit After Tax trended upward by 3.9% to RM130.4 million and 3.8% to RM116 million respectively. Aspion’s performance also improved during the quarter in review, with surgical glove sales increasing by 29% from 1QFY2020. Average natural rubber latex concentrate prices at RM4.37/kg, up 5.8% against 1QFY2020, while the average nitrile latex price was USD1/kg, down 5.3% quarter on quarter.

Prospects:
Top Glove will continue to expand its operations in line with the growing glove demand globally to ensure it is well positioned to help protect and save lives, particularly in view of the ongoing outbreak of COVID-19. At the initial stage of the outbreak, sales orders came mainly from China, Hong Kong, Singapore and South Korea. However, the Group has in recent weeks also received strong sales orders from Europe, US and other countries as well, following its rapid spread to other continents across the globe, which has seen the Group’s sales order book double. The Group also anticipates that the declaration of the COVID-19 outbreak as a pandemic by the World Health Organisation (WHO) on 12 March 2020, will eventually result in the healthcare and other sectors requiring more medical supplies such as gloves and other essential items.

With current utilisation levels above 90%, Top Glove is able to further ramp up production close to 100%, to meet the surge in demand. Moreover, it has new capacity coming onstream with F2B and F5A having commenced operations, which will add a total of 24 lines and a capacity 3.2 billion pieces of gloves per annum, when fully operational.

Future expansion will boost the Group’s total number of production lines by an additional 150 lines and production capacity by 17.7 billion gloves per annum. By December 2021, Top Glove is projected to have a total of 861 production lines and a production capacity of 91.1 billion gloves per annum.

On 23 January 2020, Top Glove was assigned a corporate credit rating of AA by the Malaysia Rating Corporation Berhad (MARC), the highest rating to be accorded to a Malaysian manufacturing company. This indicates Top Glove’s demonstrated strong revenue growth and net profit, positive cash flow generation, with stable working capital management, backed by strong and sustainable glove demand globally.

In another development, Top Glove on 2 March 2020 entered into a settlement agreement with Adventa Capital Pte Ltd in relation to all disputes concerning the purchase of Aspion Sdn. Bhd. by its subsidiary Top Care. As part of the agreement, Top Care received a total of RM245 million as full and final settlement of the disputes and all parties are to withdraw their respective legal claims, with no liberty to file fresh proceedings. The settlement will not have any effect on the issued and paid-up share capital of Top Glove and is expected to improve cashflow. Cash proceeds from the settlement will be netted off against the cost of investment and the related goodwill will be reduced accordingly. Top Glove believes that settling their dispute amicably is in their best interests as well as that of their stakeholders, enabling them to focus exclusively on growing their respective businesses.

Going forward, the Group envisions very solid quarters ahead, having already secured exceptionally large sales orders for the next few months on the back of the COVID-19 outbreak, which saw a surge in sales orders for gloves, an essential item in the medical sector. Moreover, the interplay of several other factors, which include the recent plunge in oil prices, augur well for Top Glove’s performance for 2HFY2020. Demand for gloves is also expected to continue to grow by at least 10% every year, as awareness and usage increases, all the more so with the COVID-19 pandemic. New users who have started using gloves during this period are expected to continue usage even after the outbreak recedes, having gained an appreciation of their importance in protecting lives, as was the case with past outbreaks such as H1N1.
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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