nobody care about fundamental or company making profit. All are for goreng. Just look at AA, MAHB, GenM, etc. They all are losing money and will cont to lose money in the next few quarters before they pick up back on the sales and make profits which would require at least 5 - 8 years to cover back all the losses. Yet, ppl dont care and chase them. These counters wont be giving any dividends for years to come as they need to rebuild their cash and reduce the debts.

Same for gloves, all making high profits but get sold off since Nov 2020 while they still delivered highest profit in June 2021. Ppl just sell and dont care as they dont think they can deliver higher profit anymore. A company that was only delivering 30-40 mil profit per quarter and may deliver 100 mil profit per quarter in 2022/2023 post covid, yet ppl stll sell below pre-covid 19 price. Fundamental only will come when all the excitement died down.

As for Anzo, it s purely for goreng. A company that isnt making profit or having a sustainable biz model for the last 10 years, wont suddenly change its leopard spot and become profitable with sustainable biz. Question is how much the boss wanna goreng this time and how he gonna goreng it to keep Anzo from being delisted.

Yawn. Top Glove been ranging from 2.60-2.80 for a month now since the QR release. No obvious direction now.

Im still waiting for the plantation to rally. once I sold the plantation, I will come for you Supermax. Meanwhile, dont drop too fast and rebound back.

accumulation in progress since months ago loh. wanna accumulate until when?

Wait until end Nov or early Dec for Supermax to release quarter results. Might have few rounds of panic sell. 1. When RSS attack further 2. When Harta or Kossan released poorer results 3. When Supermax itself releases poorer result. possible to get rm1.50 and below come end Nov.

Since already ban by US CBP, better to pull back the USD550 mil instead of investing in US. Pay us the dividend with this USD550 mil.

No spike lah. still cannot breach 0.3.
where got spike? Probably need to wait until end Nov when they going to release results

Still have 31 mill ++ contract liabilities. Last quarter they had around 43 mil contract liabilities. They just delivered 12 mil for a quarter due to FMCO and close down. 12 million revenue from the existing contract and another 13 millions from normal sales. Next quarter should be easily to deliver back 35 mil revenue as they need to fulfill the outstanding contract of 31 mil ++.

this counter still sleeping. cant even beat 0.3. CPO already above 5k for more than a week.

Better keep your money in FD than investing into OSK

still sleeping like a lazy dog. must use rotan already like my grandma to wake the dog up.

China businessmen wont be interested to invest in a USD25-30 per 1000 pieces glove biz and making a margin of 3-5% (China power crunch, higher labor cost and higher logistic and shipping fees would eat into their margin). They were interested to join the wagon when the ASP was USD100 per 1000 pieces. Most of those touch n go factories already made their quick fortune and will move to other products and biz. China is agile in transforming their factories to make those seasonal profitable products e.g. masks, sanitizers, and last time on those spinning widget. Dismantling their factories equipments and sell it off and transforming into other type of factory can be achieved within months.

hahaha. cannot get 1.68 for Top Glove. Now wanna downgrade again.

AT closing shop already. cant survive with USD30 per 1000 gloves.

It's more than 16 months since the signing of the copper supply agreement for estimated rm1.3 billions over 40 months. as of 30 June 2021, Anzo only made a total revenue of around 64 mil since the signing of the agreement. And this 64 mil consists of some revenue from the construction segments. With back of the envelope calculation, Anzo should have delivered RM422 million revenue just from the copper deal alone up until 30th June 2021. Instead, it only delivered 64 mil revenue which is just 15% on target. 85% off target and there is no clarification from Anzo on this. How would Anzo catch up back on the 85% off target? Most probably Anzo wont be delivering in the remaining 24 months. The latest quarter results would confirm whether Anzo can fulfill such 1.3 billions contract value or just a hoax like their Manjung gloves news.

News is can travel interstate. :)

Not looking good even glove is green and this Esceramic still red. Coming quarter results in 2 weeks may be weak. Stay at the sideline first.

Esceramic has been riding on gloves trend. Glove is weak since last Nov 2020 and so does Esceramic. Need to wait for gloves to have technical rebound and normalization. That may need to wait for another 1.5 month when winter comes which potentially would cause some outbreaks in European and US. For now, Glove is still heavily sold down by the retailers and RSS.

Limit up means 0.3 lah.
got 0.03 up daily also happy already for RSawit.

all follow Subur is it?

NTA only at 0.19. Even if they sell the whole biz and return to shareholders, all of us would make losses.

kelvin61 This Sarawakian family is doing a bad job in managing the Oil Palm business. They're good at the timber and plywood business but is a failure in the oil business. Suggest they sell this business and make capital repayment to shareholders if they can't turnaround the business eventhough the CPO prices are at record high which is not sustainable in the long run.
05/10/2021 3:07 PM

And one more thing, I dont think the ASP would be below precovid as per your statement. Thats the key point here. Below pre Covid ASP. This is how our path diverts. Anyway, time will tell in 2022 and 2023. Let's see if Top Glove will deliver losses or cont to deliver profits.

I disagree with the below statement on lesser demands due to the facts follow:

1. New industries from F&B, Services, Tourism are now using gloves in comparison to minimal back in 2019.

2. Lower demand as compare to a peak of demand in 2020. The trajectory growth of demand is still on a 10-15%. Hence there is no lower demand but higher capacity/production. If you are pointing to supply versus demand, then the estimation is that the supply would meet the demands in 2023 (remain to be seen as the industry can always adjust their production growth. Top glove has reduced their expansion plan in 2022 if you noticed).

3. The world population is ever growing and more countries are moving towards developing status and high income status which would promote medical cares and hygienic. In fact, China usage of gloves are much lower compare to US and EU. Whatever China produce would most probably be consume by China in future.

4. Last but not least, for the past 20 years since listed, Top Glove has not ever delivered any quarterly losses even during challenging time of competition and consolidation back in the early 2000's.

Should Top Glove delivered losses, that would be historical making in the industry. Top Glove might as well sell the biz to China bizman and moved to Tech.

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Let say if margin drops below Precovid, then TG shouldn't be able to sustain it's precovid valuation.
The question now is how bad? U r in denial if u can't even agree that there will be a decline of glove demand postcovid. With increased competition, TG will suffer both reduced revenue and margin. Increased capacity doesn't proportionally equate increase sale.

Good observation! That s what I think as well. Same with India. After the wave in April and strict lockdown, now they are back to open. Winter is coming in a month time.


ThePowerOfGlove the key point is, whether sustainable or not sustainable

what msia is doing only now, more than 6 months late, just getting high vaxxing rate, israel & singapore already done in february

but after opening up & loosening up, their daily infection rates surged back up like heck again, you reckon msia is invincible?

we shall see in due time, if current drop for msia is sustainable or not sustainable

Posted by RJ87 > Oct 4, 2021 12:52 PM | Report Abuse

Aiks. Malaysia cases drop from 20K to below 10K tak mau crita.

the death rate for Covid 19 is much lower. Why take the silly pill and risk higher of death rate?

In a news release, the company said 7.3% of 385 patients who received the antiviral were either hospitalized or died from Covid-19, compared with 14.1% of the 377 patients who received a placebo, which does nothing.

Of course if ppl tell you that Top Glove would be back to RM10 in 2023, that could be a challenge unless Covid or any new viruses struck the world again which is a proven fact from the previous endemic and pandemic. I m saying that Top Glove could potentially back to RM5 in 2022/2023 as things normalized.

Your estimation is only when ASP dropped below USD22. The competition will all die by then especially those newcomers. Many of you still think that China is like 20 years ago producing cheap labor. Malaysia labor is cheaper than them. You guys should go and take a look in China and see it for yourself. It's no longer balik Tong Shan. We are the "Tong Shan" and kampung here in Malaysia. The stats by various research houses also showing such trend since 10 years ago taking over Malaysia.

Even at ASP USD22 which was the ASP back in 2018/2019, Gloves were still making profits of around 7-10% and these are the companies that been around for 30 years. Top Glove in moving forward would make around RM800 mil - RM1 bil profit per year due to 25% expansion (by 2023), higher ASP than USD22 (most analysts think it would be above USD28-USD35 in 2023) and best of all, RM60-100 millions additional incomes per quarter due to interest saving and interest gain. It would be 2 -2.5 time more than what Top Glove made during pre Covid era in 2018/2019.

Interest paid in
FY2018 - 36.772 mil
FY2019 - 79.281 mil
FY2020 - 31.45 mil
FY2021 - 3.495 mil

Interest received
FY 2018 - 12.256 mil
FY 2019 - 10.086 mil
FY 2020 - 23.889 mil
FY 2021 - 61.153 mil

The reason it looks so bleak now is because you are comparing it with ASP USD120 and not USD22.

RJ87 Things got worse. That's why I doubt there will still be RM400M profit per annum 2022 onwards. If TG failed to sustain above certain revenue, it will go deep in the red consider how fast it's margin turn thin.

You do want competition. You do want want competition especially from China.

So, using 2019 profit as reference is very give face already. There are business that for every RM1 generated, lose 10sen for over rapid expansion and high overhead.

People are not talking about projected increase in 2021, people are talking about projected decline in ASP. U still stuck in 2020 is it?

Whoever still stuck with RM400 million nett profit must have left behind in 2019 and did not move together with the time to 2021/2022 now. Could be a mental disorder due to long term MCO and stay at home fatigue. Their time is frozen in 2019. They may still tell you their 2019 age if you ask them now.

It didnt mention that it's approved.


JohnFook Already approved....another one year extension
02/10/2021 10:48 AM

Revenue 28.3 million but profit only 124K. I sell fried rice also have better margin than it. It's a con stock.

Cost of sales high means they can't manage the cost well lah or the way they work is inefficient or there are lot of leakages and wastages in their operation or the directors pay themselves and their senior management highly regardless of the bad performance.

Still no update from Bursa on its regularization plan submission extension? Already 1st October. If not approved, then Anzo can start to delist.

For the last one month, Top Glove has dropped from 4 to 2.6. Now just back to 2.88 after 1.5 weeks of up down up down daily. There s nothing to shout for now. Tomorrow after ex dividend, it would open at 2.82 and hopefully it wont go down like past previous dividends whereby it dropped from 9++ to 2.6 even though Top Glove been paying high dividends Dec 2020. Dont get over excited as shorties may attack again in 1 month time when Supermax, Harta and Kossan start to release weaker results.

I think we should compare the current financial status with 2019. Now the total asset is 9.856 bil vs 5.648 bil, majority due to investment securities (1.6 bil), inventory (1.18 bil) and Cash (878 mil) and also higher property, plant and equipment due to expansion. Most of these are liquid assets which can be rolled as cash for operation if need to.

As for debts, it has reduced significantly as below:

Current liabilities (loans and borrowing) down from 1.041 bil to 312.7 mil.
Non current liabilities (loans and borrowing) down from 1.379 bil to 146 mil.

All these are made possible due to the superprofit earned in 2020 and 2021. ASP could normalized in 2022 and with such healthy financial footing, the market has been wrong in valuing Top Glove as pre Covid times. Top Glove that was making rm500 mil profit per annum with 2.5 bil loan and borrowing and just around 300 mil cash in 2019 in comparison to Top Glove that would make around RM800 mil profit per annum with just 500 mil loan and borrowing and around 4 billions cash in 2022. How could the valuation remain the same then purely based on ASP? The interest alone was 61 mil per quarter and 4 quarters would be 250 mil which already covered 2.5 quarters profit back in 2019.

Jaya Tiasa so call valuable lands have been in topic for years. Seem now the market gonna to recycle such news again and again.

Thanks clc689 for the AGM summary. Seem management is unprepared to answer questions.

waiting for dividends....

3rd times closing at 2.67. Let's see for another week and see if this is the magic number in moving forward.

Top Glove will be a boring counter soon and nobody would be interested in it whether short or long. IBs and news will not report bout it anymore and move on. The game is over for both long and short. The roller coaster ride has completed from March 2020 until Sept 2021. Thank you all for joining such insane ride.

There s nothing much for the shorting already. The price now ranging from 2.60 - 2.80. They only can play range bound among themselves now. Volume is much less and the price should stabilize around this range. When a counter becomes boring and less attention, fast money would flow elsewhere. Shorties will cover slowly as not to push the price up just like what happened during July to Sept when shorties covered almost 40 millions shares but the price was hovering around rm4 with no significant movement to trigger panic buy.

The man now cont to walk forwardly while the dog cont to move backward and forgot about its master for a while. Next, the dog may realize it and would leap back quickly to catch up with the master. Now we just need to wait for the dog to realize that since there are many "fake" dogs are luring the dog away from the master who are now far in front.

Bursa Malaysia is the most inefficient market.

Guys, the current trend doesnt care about higher covid cases or new variants or vaccination rate. The only factor to monitor is ASP. Anyone here can share on ASP tracking as we dont have these details and only left to the companies to share briefly on it during their AGM or QR briefing.

Indeed Rsawit did not deliver as per the industry and peers. No wonder the market is selling it and go for other palm oil counters. The high cost of sales (90%-105% of revenue) and impairments are killing this company yearly. Rsawit needs to contain and lower their cost significantly to make profits. The high price of CPO wont save it if it cont to incur high cost of sales as the high price is only cyclical. Prior to 2011, the cost of sales was around 50-60% of revenue. Next it keeps increasing and Rsawit no longer can make profit. It reflected in the share price at it started to drop from around rm1.20 since 2012 to 0.2 now since there is no improvement at all on cost of sales but worsen.

UlarSawa is back. Mana anakular?

IB wont give TP in range lah. Dont blow cow here lah.


Markv572421 New tp : 1.40 - 1.50

any new TP for Top Glove from JP Morgan?

This one short until gila already.


xiaomixiaohai Next qr will be losses....high chance probability lol
23/09/2021 10:34 AM

Glove no longer has superprofit from high ASP, hence windfall tax won't apply. Can tax the banks, semicon and plantation for their high profits.

JPMorgan already said rm3.80 TP but the local IBs syiok sendiri and over short it. Now JPMorgan will punish them soon enough and show them who is the Big Bro here. Wait for it.