2 June 2020
Due to Covid 19 pandemic the demand for medical gloves far exceeded supply. As a result, glove price has been going up higher and higher and all glove manufacturers are making more and more profit which are being reflected on their share prices.
As you can see all the glove makers’ share prices have gone up more than 400% within 6 weeks. No stock can go up or drop continuously for whatever reasons. After sometime it will change its moving trend. In the case of glove share, all of them are dropping today which is a healthy sign.
Another reason for the price correction is that a few investment banks have started price capping for glove shares for safety of the bank and also their clients who are using margin finance. For example, RHB capped 35% for all glove shares and the clients are given 30 days to regularise their margin accounts.
A few days ago, I posted my article about RHB’s real intention for its downgraded Comfort from buy to neutral. I criticised its real intention. Today RHB published a buy recommendation for Supermax with Rm 10.50 as its target price. RHB might have bought enough of Supermax and are buying Comfort.
All investment banks have many different kinds of shares in their portfolios. Almost all their holdings are being dampened by the Covid 19 pandemic and their have to sell to cut loss. Currently, they are all cash rich and they are buying glove shares aggressively. That is why the daily traded volumes are unprecedented. The average daily traded volume for Comfort is more that 80 million shares. Very often the volume exceeds 100 million shares. Only investment banks have so much money to buy so aggressively.
My old friend Mr Ooi Teik Bee is a very reliable and famous fund manager. He circulates his weekly share analysis report to his 1,000 subscribers. His yearly subscription fee is Rm 1,000. If you are interested you can contact him 01112813880 or email: tbooifx@gmail.com.
He has given his permission for me to excerpt his calculation for Comfort, Supermax and Top Glove as follows:
Chart | Stock Name | Last | Change | Volume |
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2024-05-20
TOPGLOV2024-05-18
SUPERMX2024-05-17
SUPERMX2024-05-17
TOPGLOV2024-05-17
TOPGLOV2024-05-17
TOPGLOV2024-05-16
SUPERMX2024-05-16
TOPGLOV2024-05-16
TOPGLOV2024-05-16
TOPGLOV2024-05-15
SUPERMX2024-05-15
TOPGLOV2024-05-15
TOPGLOV2024-05-15
TOPGLOV2024-05-14
TOPGLOV2024-05-13
SUPERMX2024-05-13
TOPGLOVCreated by Koon Yew Yin | May 13, 2024
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