RM3.50

KUALA LUMPUR (June 21): PublicInvest Research has downgraded the rubber glove sector to "neutral" as it expects average selling prices (ASPs) for the sector to decline gradually in the second half of the year (2H21), following the improving Covid-19 situation in both the largest glove consuming markets, the US and the European Union (EU).

Its analyst Chua Siu Li in a note today cut her earnings forecasts for the sector by 10% to 35% on the back of lower ASP assumptions.

According to her, the improving Covid-19 situations in the US and EU resulted in much lesser urgency for distributors to immediately replenish inventories back to usual levels of two to three months.

“The buyers are adopting a more careful stance currently to avoid locking in purchases at high prices.

“We expect ASPs of gloves to start trending lower in the second half, supported by the improved Covid-19 situation as well as lower raw material prices as tight supply of nitrile butadiene latex continues to ease and [with a] better yield for latex concentrate after the end of the wintering season in May,” she said.

She also noted that glove makers’ commitment to stepping up on their social compliance practices will also translate into higher costs going forward, and she reckoned that it would take time for glove makers to fully pass on the cost increase to buyers, so it should result in margin compression in the near term.

Chua downgraded her rating of Kossan Rubber Industries Bhd to "neutral", with a lower target price (TP) of RM3.65.

“We cut our FY21 to FY23 earnings forecasts for Kossan by 37% to 51% to account for the expected decline in ASPs,” she said.

She also maintained her "neutral" call on Top Glove Corp Bhd but lowered her TP to RM4.40.

KUALA LUMPUR (June 21): PublicInvest Research has downgraded the rubber glove sector to "neutral" as it expects average selling prices (ASPs) for the sector to decline gradually in the second half of the year (2H21), following the improving Covid-19 situation in both the largest glove consuming markets, the US and the European Union (EU).

Its analyst Chua Siu Li in a note today cut her earnings forecasts for the sector by 10% to 35% on the back of lower ASP assumptions.

According to her, the improving Covid-19 situations in the US and EU resulted in much lesser urgency for distributors to immediately replenish inventories back to usual levels of two to three months.

“The buyers are adopting a more careful stance currently to avoid locking in purchases at high prices.

“We expect ASPs of gloves to start trending lower in the second half, supported by the improved Covid-19 situation as well as lower raw material prices as tight supply of nitrile butadiene latex continues to ease and [with a] better yield for latex concentrate after the end of the wintering season in May,” she said.

She also noted that glove makers’ commitment to stepping up on their social compliance practices will also translate into higher costs going forward, and she reckoned that it would take time for glove makers to fully pass on the cost increase to buyers, so it should result in margin compression in the near term.

Chua downgraded her rating of Kossan Rubber Industries Bhd to "neutral", with a lower target price (TP) of RM3.65.

“We cut our FY21 to FY23 earnings forecasts for Kossan by 37% to 51% to account for the expected decline in ASPs,” she said.

She also maintained her "neutral" call on Top Glove Corp Bhd but lowered her TP to RM4.40.

KUALA LUMPUR (June 21): PublicInvest Research has downgraded the rubber glove sector to "neutral" as it expects average selling prices (ASPs) for the sector to decline gradually in the second half of the year (2H21), following the improving Covid-19 situation in both the largest glove consuming markets, the US and the European Union (EU).

Its analyst Chua Siu Li in a note today cut her earnings forecasts for the sector by 10% to 35% on the back of lower ASP assumptions.

According to her, the improving Covid-19 situations in the US and EU resulted in much lesser urgency for distributors to immediately replenish inventories back to usual levels of two to three months.

“The buyers are adopting a more careful stance currently to avoid locking in purchases at high prices.

“We expect ASPs of gloves to start trending lower in the second half, supported by the improved Covid-19 situation as well as lower raw material prices as tight supply of nitrile butadiene latex continues to ease and [with a] better yield for latex concentrate after the end of the wintering season in May,” she said.

She also noted that glove makers’ commitment to stepping up on their social compliance practices will also translate into higher costs going forward, and she reckoned that it would take time for glove makers to fully pass on the cost increase to buyers, so it should result in margin compression in the near term.

Chua downgraded her rating of Kossan Rubber Industries Bhd to "neutral", with a lower target price (TP) of RM3.65.

“We cut our FY21 to FY23 earnings forecasts for Kossan by 37% to 51% to account for the expected decline in ASPs,” she said.

She also maintained her "neutral" call on Top Glove Corp Bhd but lowered her TP to RM4.40.

KUALA LUMPUR (June 21): PublicInvest Research has downgraded the rubber glove sector to "neutral" as it expects average selling prices (ASPs) for the sector to decline gradually in the second half of the year (2H21), following the improving Covid-19 situation in both the largest glove consuming markets, the US and the European Union (EU).

Its analyst Chua Siu Li in a note today cut her earnings forecasts for the sector by 10% to 35% on the back of lower ASP assumptions.

According to her, the improving Covid-19 situations in the US and EU resulted in much lesser urgency for distributors to immediately replenish inventories back to usual levels of two to three months.

“The buyers are adopting a more careful stance currently to avoid locking in purchases at high prices.

“We expect ASPs of gloves to start trending lower in the second half, supported by the improved Covid-19 situation as well as lower raw material prices as tight supply of nitrile butadiene latex continues to ease and [with a] better yield for latex concentrate after the end of the wintering season in May,” she said.

She also noted that glove makers’ commitment to stepping up on their social compliance practices will also translate into higher costs going forward, and she reckoned that it would take time for glove makers to fully pass on the cost increase to buyers, so it should result in margin compression in the near term.

Chua downgraded her rating of Kossan Rubber Industries Bhd to "neutral", with a lower target price (TP) of RM3.65.

“We cut our FY21 to FY23 earnings forecasts for Kossan by 37% to 51% to account for the expected decline in ASPs,” she said.

She also maintained her "neutral" call on Top Glove Corp Bhd but lowered her TP to RM4.40.

KUALA LUMPUR (June 21): PublicInvest Research has downgraded the rubber glove sector to "neutral" as it expects average selling prices (ASPs) for the sector to decline gradually in the second half of the year (2H21), following the improving Covid-19 situation in both the largest glove consuming markets, the US and the European Union (EU).

Its analyst Chua Siu Li in a note today cut her earnings forecasts for the sector by 10% to 35% on the back of lower ASP assumptions.

According to her, the improving Covid-19 situations in the US and EU resulted in much lesser urgency for distributors to immediately replenish inventories back to usual levels of two to three months.

“The buyers are adopting a more careful stance currently to avoid locking in purchases at high prices.

“We expect ASPs of gloves to start trending lower in the second half, supported by the improved Covid-19 situation as well as lower raw material prices as tight supply of nitrile butadiene latex continues to ease and [with a] better yield for latex concentrate after the end of the wintering season in May,” she said.

She also noted that glove makers’ commitment to stepping up on their social compliance practices will also translate into higher costs going forward, and she reckoned that it would take time for glove makers to fully pass on the cost increase to buyers, so it should result in margin compression in the near term.

Chua downgraded her rating of Kossan Rubber Industries Bhd to "neutral", with a lower target price (TP) of RM3.65.

“We cut our FY21 to FY23 earnings forecasts for Kossan by 37% to 51% to account for the expected decline in ASPs,” she said.

She also maintained her "neutral" call on Top Glove Corp Bhd but lowered her TP to RM4.40.

KUALA LUMPUR (June 21): PublicInvest Research has downgraded the rubber glove sector to "neutral" as it expects average selling prices (ASPs) for the sector to decline gradually in the second half of the year (2H21), following the improving Covid-19 situation in both the largest glove consuming markets, the US and the European Union (EU).

Its analyst Chua Siu Li in a note today cut her earnings forecasts for the sector by 10% to 35% on the back of lower ASP assumptions.

According to her, the improving Covid-19 situations in the US and EU resulted in much lesser urgency for distributors to immediately replenish inventories back to usual levels of two to three months.

“The buyers are adopting a more careful stance currently to avoid locking in purchases at high prices.

“We expect ASPs of gloves to start trending lower in the second half, supported by the improved Covid-19 situation as well as lower raw material prices as tight supply of nitrile butadiene latex continues to ease and [with a] better yield for latex concentrate after the end of the wintering season in May,” she said.

She also noted that glove makers’ commitment to stepping up on their social compliance practices will also translate into higher costs going forward, and she reckoned that it would take time for glove makers to fully pass on the cost increase to buyers, so it should result in margin compression in the near term.

Chua downgraded her rating of Kossan Rubber Industries Bhd to "neutral", with a lower target price (TP) of RM3.65.

“We cut our FY21 to FY23 earnings forecasts for Kossan by 37% to 51% to account for the expected decline in ASPs,” she said.

She also maintained her "neutral" call on Top Glove Corp Bhd but lowered her TP to RM4.40.

KUALA LUMPUR (June 21): PublicInvest Research has downgraded the rubber glove sector to "neutral" as it expects average selling prices (ASPs) for the sector to decline gradually in the second half of the year (2H21), following the improving Covid-19 situation in both the largest glove consuming markets, the US and the European Union (EU).

Its analyst Chua Siu Li in a note today cut her earnings forecasts for the sector by 10% to 35% on the back of lower ASP assumptions.

According to her, the improving Covid-19 situations in the US and EU resulted in much lesser urgency for distributors to immediately replenish inventories back to usual levels of two to three months.

“The buyers are adopting a more careful stance currently to avoid locking in purchases at high prices.

“We expect ASPs of gloves to start trending lower in the second half, supported by the improved Covid-19 situation as well as lower raw material prices as tight supply of nitrile butadiene latex continues to ease and [with a] better yield for latex concentrate after the end of the wintering season in May,” she said.

She also noted that glove makers’ commitment to stepping up on their social compliance practices will also translate into higher costs going forward, and she reckoned that it would take time for glove makers to fully pass on the cost increase to buyers, so it should result in margin compression in the near term.

Chua downgraded her rating of Kossan Rubber Industries Bhd to "neutral", with a lower target price (TP) of RM3.65.

“We cut our FY21 to FY23 earnings forecasts for Kossan by 37% to 51% to account for the expected decline in ASPs,” she said.

She also maintained her "neutral" call on Top Glove Corp Bhd but lowered her TP to RM4.40.

KUALA LUMPUR (June 21): PublicInvest Research has downgraded the rubber glove sector to "neutral" as it expects average selling prices (ASPs) for the sector to decline gradually in the second half of the year (2H21), following the improving Covid-19 situation in both the largest glove consuming markets, the US and the European Union (EU).

Its analyst Chua Siu Li in a note today cut her earnings forecasts for the sector by 10% to 35% on the back of lower ASP assumptions.

According to her, the improving Covid-19 situations in the US and EU resulted in much lesser urgency for distributors to immediately replenish inventories back to usual levels of two to three months.

“The buyers are adopting a more careful stance currently to avoid locking in purchases at high prices.

“We expect ASPs of gloves to start trending lower in the second half, supported by the improved Covid-19 situation as well as lower raw material prices as tight supply of nitrile butadiene latex continues to ease and [with a] better yield for latex concentrate after the end of the wintering season in May,” she said.

She also noted that glove makers’ commitment to stepping up on their social compliance practices will also translate into higher costs going forward, and she reckoned that it would take time for glove makers to fully pass on the cost increase to buyers, so it should result in margin compression in the near term.

Chua downgraded her rating of Kossan Rubber Industries Bhd to "neutral", with a lower target price (TP) of RM3.65.

“We cut our FY21 to FY23 earnings forecasts for Kossan by 37% to 51% to account for the expected decline in ASPs,” she said.

She also maintained her "neutral" call on Top Glove Corp Bhd but lowered her TP to RM4.40.

0.90 next month

RM3

Breaking news from CNBC

Spot gold fell 1.6% to $1,782.86 per ounce by 9:53 am EDT (1353 GMT) having touched its lowest since May 5 at $1,775.40 an ounce.

U.S. gold futures slid 3.9% to $1,788.30 per ounce.

Breaking news from CNBC

Spot gold fell 1.6% to $1,782.86 per ounce by 9:53 am EDT (1353 GMT) having touched its lowest since May 5 at $1,775.40 an ounce.

U.S. gold futures slid 3.9% to $1,788.30 per ounce.

RM4

SYDNEY (June 9): AirAsia Group Bhd has grounded around 90% of its fleet of more than 200 planes across Asia due to a resurgence of Covid-19 outbreaks, an executive of its Malaysian unit said today.

Malaysia, its largest market with 105 planes, is currently under a lockdown.

AirAsia expects demand to start to rebound from August, allowing it to restore service to all 17 of the domestic airports it serves by October, group chief operating officer (COO) Javed Anwar Malik said at a CAPA - Centre for Aviation event today.

A full return to pre-Covid demand levels across Asia is not expected until around the third quarter of 2022 (3Q22), he said.

AirAsia last month reported its seventh consecutive quarterly loss and said it was continuing efforts to secure more liquidity.

Passengers carried in the quarter ended March 31 totalled 976,968, a 90% drop from a year ago.

SYDNEY (June 9): AirAsia Group Bhd has grounded around 90% of its fleet of more than 200 planes across Asia due to a resurgence of Covid-19 outbreaks, an executive of its Malaysian unit said today.

Malaysia, its largest market with 105 planes, is currently under a lockdown.

AirAsia expects demand to start to rebound from August, allowing it to restore service to all 17 of the domestic airports it serves by October, group chief operating officer (COO) Javed Anwar Malik said at a CAPA - Centre for Aviation event today.

A full return to pre-Covid demand levels across Asia is not expected until around the third quarter of 2022 (3Q22), he said.

AirAsia last month reported its seventh consecutive quarterly loss and said it was continuing efforts to secure more liquidity.

Passengers carried in the quarter ended March 31 totalled 976,968, a 90% drop from a year ago.

KUALA LUMPUR (June 9): Top Glove Corp Bhd expects average selling prices (ASPs) of gloves to drop further in the coming month due to weaker demand from the US and lower raw material costs.

Its executive director Lim Cheong Guan noted that the ASP of nitrile gloves fell 20% in Top Glove's third financial quarter ended May 31, 2021 (3QFY21).

"The ASP adjustment was in line with market pricing trends and lesser sales volume to the US," he told a virtual press conference held in conjunction with the announcement of the group's latest quarterly results.

Lim expects lower nitrile latex prices as costs of the raw materials, namely butadiene and acrylonitrile, are expected to decline by 10% and 6% respectively between May and August.

"A lower natural rubber latex concentrate price is expected in the coming months as the wintering season ended in May 2021, and yields are expected to improve," he added.

The world's largest glove manufacturer posted a softer quarter-on-quarter (q-o-q) performance for 3QFY21.

Its net profit fell 29.03% to RM2.03 billion from RM2.87 billion for 2QFY21, while revenue shrank 22.42% to RM4.16 billion from RM5.37 billion, as the group was barred from exporting to the US.

The group said the weaker q-o-q performance was owing to a decline in ASPs by 16%, a lower sales quantity following a temporary halt in shipments to the US from Malaysia and higher latex as well as natural rubber latex concentrate prices.

On a year-on-year (y-o-y) basis, the group’s quarterly net profit jumped almost five times to RM2.04 billion from RM347.9 million a year earlier on a higher revenue.

Revenue climbed to RM4.16 billion for 3QFY21 from RM1.69 billion previously.

Despite the weaker earnings performance, Top Glove declared a dividend of 18 sen a share, including a special dividend of 5.3 sen.

Top Glove gained six sen to close at RM4.84 today, with a market capitalisation of RM39.72 billion. It saw 34.54 million shares traded.

KUALA LUMPUR (June 9): Top Glove Corp Bhd expects average selling prices (ASPs) of gloves to drop further in the coming month due to weaker demand from the US and lower raw material costs.

Its executive director Lim Cheong Guan noted that the ASP of nitrile gloves fell 20% in Top Glove's third financial quarter ended May 31, 2021 (3QFY21).

"The ASP adjustment was in line with market pricing trends and lesser sales volume to the US," he told a virtual press conference held in conjunction with the announcement of the group's latest quarterly results.

Lim expects lower nitrile latex prices as costs of the raw materials, namely butadiene and acrylonitrile, are expected to decline by 10% and 6% respectively between May and August.

"A lower natural rubber latex concentrate price is expected in the coming months as the wintering season ended in May 2021, and yields are expected to improve," he added.

The world's largest glove manufacturer posted a softer quarter-on-quarter (q-o-q) performance for 3QFY21.

Its net profit fell 29.03% to RM2.03 billion from RM2.87 billion for 2QFY21, while revenue shrank 22.42% to RM4.16 billion from RM5.37 billion, as the group was barred from exporting to the US.

The group said the weaker q-o-q performance was owing to a decline in ASPs by 16%, a lower sales quantity following a temporary halt in shipments to the US from Malaysia and higher latex as well as natural rubber latex concentrate prices.

On a year-on-year (y-o-y) basis, the group’s quarterly net profit jumped almost five times to RM2.04 billion from RM347.9 million a year earlier on a higher revenue.

Revenue climbed to RM4.16 billion for 3QFY21 from RM1.69 billion previously.

Despite the weaker earnings performance, Top Glove declared a dividend of 18 sen a share, including a special dividend of 5.3 sen.

Top Glove gained six sen to close at RM4.84 today, with a market capitalisation of RM39.72 billion. It saw 34.54 million shares traded.

KUALA LUMPUR (June 9): Top Glove Corp Bhd expects average selling prices (ASPs) of gloves to drop further in the coming month due to weaker demand from the US and lower raw material costs.

Its executive director Lim Cheong Guan noted that the ASP of nitrile gloves fell 20% in Top Glove's third financial quarter ended May 31, 2021 (3QFY21).

"The ASP adjustment was in line with market pricing trends and lesser sales volume to the US," he told a virtual press conference held in conjunction with the announcement of the group's latest quarterly results.

Lim expects lower nitrile latex prices as costs of the raw materials, namely butadiene and acrylonitrile, are expected to decline by 10% and 6% respectively between May and August.

"A lower natural rubber latex concentrate price is expected in the coming months as the wintering season ended in May 2021, and yields are expected to improve," he added.

The world's largest glove manufacturer posted a softer quarter-on-quarter (q-o-q) performance for 3QFY21.

Its net profit fell 29.03% to RM2.03 billion from RM2.87 billion for 2QFY21, while revenue shrank 22.42% to RM4.16 billion from RM5.37 billion, as the group was barred from exporting to the US.

The group said the weaker q-o-q performance was owing to a decline in ASPs by 16%, a lower sales quantity following a temporary halt in shipments to the US from Malaysia and higher latex as well as natural rubber latex concentrate prices.

On a year-on-year (y-o-y) basis, the group’s quarterly net profit jumped almost five times to RM2.04 billion from RM347.9 million a year earlier on a higher revenue.

Revenue climbed to RM4.16 billion for 3QFY21 from RM1.69 billion previously.

Despite the weaker earnings performance, Top Glove declared a dividend of 18 sen a share, including a special dividend of 5.3 sen.

Top Glove gained six sen to close at RM4.84 today, with a market capitalisation of RM39.72 billion. It saw 34.54 million shares traded.

KUALA LUMPUR (June 9): Top Glove Corp Bhd expects average selling prices (ASPs) of gloves to drop further in the coming month due to weaker demand from the US and lower raw material costs.

Its executive director Lim Cheong Guan noted that the ASP of nitrile gloves fell 20% in Top Glove's third financial quarter ended May 31, 2021 (3QFY21).

"The ASP adjustment was in line with market pricing trends and lesser sales volume to the US," he told a virtual press conference held in conjunction with the announcement of the group's latest quarterly results.

Lim expects lower nitrile latex prices as costs of the raw materials, namely butadiene and acrylonitrile, are expected to decline by 10% and 6% respectively between May and August.

"A lower natural rubber latex concentrate price is expected in the coming months as the wintering season ended in May 2021, and yields are expected to improve," he added.

The world's largest glove manufacturer posted a softer quarter-on-quarter (q-o-q) performance for 3QFY21.

Its net profit fell 29.03% to RM2.03 billion from RM2.87 billion for 2QFY21, while revenue shrank 22.42% to RM4.16 billion from RM5.37 billion, as the group was barred from exporting to the US.

The group said the weaker q-o-q performance was owing to a decline in ASPs by 16%, a lower sales quantity following a temporary halt in shipments to the US from Malaysia and higher latex as well as natural rubber latex concentrate prices.

On a year-on-year (y-o-y) basis, the group’s quarterly net profit jumped almost five times to RM2.04 billion from RM347.9 million a year earlier on a higher revenue.

Revenue climbed to RM4.16 billion for 3QFY21 from RM1.69 billion previously.

Despite the weaker earnings performance, Top Glove declared a dividend of 18 sen a share, including a special dividend of 5.3 sen.

Top Glove gained six sen to close at RM4.84 today, with a market capitalisation of RM39.72 billion. It saw 34.54 million shares traded.

KUALA LUMPUR (June 9): Top Glove Corp Bhd expects average selling prices (ASPs) of gloves to drop further in the coming month due to weaker demand from the US and lower raw material costs.

Its executive director Lim Cheong Guan noted that the ASP of nitrile gloves fell 20% in Top Glove's third financial quarter ended May 31, 2021 (3QFY21).

"The ASP adjustment was in line with market pricing trends and lesser sales volume to the US," he told a virtual press conference held in conjunction with the announcement of the group's latest quarterly results.

Lim expects lower nitrile latex prices as costs of the raw materials, namely butadiene and acrylonitrile, are expected to decline by 10% and 6% respectively between May and August.

"A lower natural rubber latex concentrate price is expected in the coming months as the wintering season ended in May 2021, and yields are expected to improve," he added.

The world's largest glove manufacturer posted a softer quarter-on-quarter (q-o-q) performance for 3QFY21.

Its net profit fell 29.03% to RM2.03 billion from RM2.87 billion for 2QFY21, while revenue shrank 22.42% to RM4.16 billion from RM5.37 billion, as the group was barred from exporting to the US.

The group said the weaker q-o-q performance was owing to a decline in ASPs by 16%, a lower sales quantity following a temporary halt in shipments to the US from Malaysia and higher latex as well as natural rubber latex concentrate prices.

On a year-on-year (y-o-y) basis, the group’s quarterly net profit jumped almost five times to RM2.04 billion from RM347.9 million a year earlier on a higher revenue.

Revenue climbed to RM4.16 billion for 3QFY21 from RM1.69 billion previously.

Despite the weaker earnings performance, Top Glove declared a dividend of 18 sen a share, including a special dividend of 5.3 sen.

Top Glove gained six sen to close at RM4.84 today, with a market capitalisation of RM39.72 billion. It saw 34.54 million shares traded.

KUALA LUMPUR (June 9): Top Glove Corp Bhd expects average selling prices (ASPs) of gloves to drop further in the coming month due to weaker demand from the US and lower raw material costs.

Its executive director Lim Cheong Guan noted that the ASP of nitrile gloves fell 20% in Top Glove's third financial quarter ended May 31, 2021 (3QFY21).

"The ASP adjustment was in line with market pricing trends and lesser sales volume to the US," he told a virtual press conference held in conjunction with the announcement of the group's latest quarterly results.

Lim expects lower nitrile latex prices as costs of the raw materials, namely butadiene and acrylonitrile, are expected to decline by 10% and 6% respectively between May and August.

"A lower natural rubber latex concentrate price is expected in the coming months as the wintering season ended in May 2021, and yields are expected to improve," he added.

The world's largest glove manufacturer posted a softer quarter-on-quarter (q-o-q) performance for 3QFY21.

Its net profit fell 29.03% to RM2.03 billion from RM2.87 billion for 2QFY21, while revenue shrank 22.42% to RM4.16 billion from RM5.37 billion, as the group was barred from exporting to the US.

The group said the weaker q-o-q performance was owing to a decline in ASPs by 16%, a lower sales quantity following a temporary halt in shipments to the US from Malaysia and higher latex as well as natural rubber latex concentrate prices.

On a year-on-year (y-o-y) basis, the group’s quarterly net profit jumped almost five times to RM2.04 billion from RM347.9 million a year earlier on a higher revenue.

Revenue climbed to RM4.16 billion for 3QFY21 from RM1.69 billion previously.

Despite the weaker earnings performance, Top Glove declared a dividend of 18 sen a share, including a special dividend of 5.3 sen.

Top Glove gained six sen to close at RM4.84 today, with a market capitalisation of RM39.72 billion. It saw 34.54 million shares traded.

KUALA LUMPUR (June 9): Top Glove Corp Bhd expects average selling prices (ASPs) of gloves to drop further in the coming month due to weaker demand from the US and lower raw material costs.

Its executive director Lim Cheong Guan noted that the ASP of nitrile gloves fell 20% in Top Glove's third financial quarter ended May 31, 2021 (3QFY21).

"The ASP adjustment was in line with market pricing trends and lesser sales volume to the US," he told a virtual press conference held in conjunction with the announcement of the group's latest quarterly results.

Lim expects lower nitrile latex prices as costs of the raw materials, namely butadiene and acrylonitrile, are expected to decline by 10% and 6% respectively between May and August.

"A lower natural rubber latex concentrate price is expected in the coming months as the wintering season ended in May 2021, and yields are expected to improve," he added.

The world's largest glove manufacturer posted a softer quarter-on-quarter (q-o-q) performance for 3QFY21.

Its net profit fell 29.03% to RM2.03 billion from RM2.87 billion for 2QFY21, while revenue shrank 22.42% to RM4.16 billion from RM5.37 billion, as the group was barred from exporting to the US.

The group said the weaker q-o-q performance was owing to a decline in ASPs by 16%, a lower sales quantity following a temporary halt in shipments to the US from Malaysia and higher latex as well as natural rubber latex concentrate prices.

On a year-on-year (y-o-y) basis, the group’s quarterly net profit jumped almost five times to RM2.04 billion from RM347.9 million a year earlier on a higher revenue.

Revenue climbed to RM4.16 billion for 3QFY21 from RM1.69 billion previously.

Despite the weaker earnings performance, Top Glove declared a dividend of 18 sen a share, including a special dividend of 5.3 sen.

Top Glove gained six sen to close at RM4.84 today, with a market capitalisation of RM39.72 billion. It saw 34.54 million shares traded.

KUALA LUMPUR (June 9): Top Glove Corp Bhd expects average selling prices (ASPs) of gloves to drop further in the coming month due to weaker demand from the US and lower raw material costs.

Its executive director Lim Cheong Guan noted that the ASP of nitrile gloves fell 20% in Top Glove's third financial quarter ended May 31, 2021 (3QFY21).

"The ASP adjustment was in line with market pricing trends and lesser sales volume to the US," he told a virtual press conference held in conjunction with the announcement of the group's latest quarterly results.

Lim expects lower nitrile latex prices as costs of the raw materials, namely butadiene and acrylonitrile, are expected to decline by 10% and 6% respectively between May and August.

"A lower natural rubber latex concentrate price is expected in the coming months as the wintering season ended in May 2021, and yields are expected to improve," he added.

The world's largest glove manufacturer posted a softer quarter-on-quarter (q-o-q) performance for 3QFY21.

Its net profit fell 29.03% to RM2.03 billion from RM2.87 billion for 2QFY21, while revenue shrank 22.42% to RM4.16 billion from RM5.37 billion, as the group was barred from exporting to the US.

The group said the weaker q-o-q performance was owing to a decline in ASPs by 16%, a lower sales quantity following a temporary halt in shipments to the US from Malaysia and higher latex as well as natural rubber latex concentrate prices.

On a year-on-year (y-o-y) basis, the group’s quarterly net profit jumped almost five times to RM2.04 billion from RM347.9 million a year earlier on a higher revenue.

Revenue climbed to RM4.16 billion for 3QFY21 from RM1.69 billion previously.

Despite the weaker earnings performance, Top Glove declared a dividend of 18 sen a share, including a special dividend of 5.3 sen.

Top Glove gained six sen to close at RM4.84 today, with a market capitalisation of RM39.72 billion. It saw 34.54 million shares traded.

PETALING JAYA: Resorts World Genting (RWG) berkemungkinan akan terus ditutup selama tiga bulan, manakala pembukaan taman tema baharunya ditangguh sehingga Disember.

Ramalan Maybank Research itu senada dengan penganalisis Samuel Yin yang berpendapatan penutupan itu akan mengakibatkan kerugian kepada Genting Malaysia pada 2021, menerusi laporan Inside Asian Gaming (AIG).

RWG ditutup selama tiga bulan pada Mac tahun lalu dan sekali lagi selama 25 hari pada 22 Januari.

“Kami berpendapat bahawa RWG akan ditutup selama tiga bulan kali ini dan Genting SkyWorlds hanya akan dibuka pada bulan Disember 2021 bersempena cuti sekolah,” kata Yin yang dipetik sebagai berkata oleh majalah tersebut.

Walaupun begitu, Yin menganggarkan kerugian yang ditanggung tahun ini “masih kurang daripada separuh” daripada kerugian RM1.45 bilion yang dicatatkan tahun lalu, memandangkan pembukaan semula kasino Genting Malaysia di UK dan pemulihan hartanah yang kukuh di AS.

Yin berkata, Resorts World New York sudah kembali ke tahap pra-Covid sementara Resorts World Catskills telah 84% pulih.

Beliau turut meramalkan satu lagi pemulihan yang kukuh buat RWG sebaik wabak di Malaysia reda.

Bulan lalu, RWG berkata kasino di Genting Highlands ditutup sehingga diberitahu kelak berikutan pelaksanaan perintah kawalan pergerakan sekatan penuh (PKP 3.0).

PETALING JAYA: Resorts World Genting (RWG) berkemungkinan akan terus ditutup selama tiga bulan, manakala pembukaan taman tema baharunya ditangguh sehingga Disember.

Ramalan Maybank Research itu senada dengan penganalisis Samuel Yin yang berpendapatan penutupan itu akan mengakibatkan kerugian kepada Genting Malaysia pada 2021, menerusi laporan Inside Asian Gaming (AIG).

RWG ditutup selama tiga bulan pada Mac tahun lalu dan sekali lagi selama 25 hari pada 22 Januari.

“Kami berpendapat bahawa RWG akan ditutup selama tiga bulan kali ini dan Genting SkyWorlds hanya akan dibuka pada bulan Disember 2021 bersempena cuti sekolah,” kata Yin yang dipetik sebagai berkata oleh majalah tersebut.

Walaupun begitu, Yin menganggarkan kerugian yang ditanggung tahun ini “masih kurang daripada separuh” daripada kerugian RM1.45 bilion yang dicatatkan tahun lalu, memandangkan pembukaan semula kasino Genting Malaysia di UK dan pemulihan hartanah yang kukuh di AS.

Yin berkata, Resorts World New York sudah kembali ke tahap pra-Covid sementara Resorts World Catskills telah 84% pulih.

Beliau turut meramalkan satu lagi pemulihan yang kukuh buat RWG sebaik wabak di Malaysia reda.

Bulan lalu, RWG berkata kasino di Genting Highlands ditutup sehingga diberitahu kelak berikutan pelaksanaan perintah kawalan pergerakan sekatan penuh (PKP 3.0).

PETALING JAYA: Casinos in Genting Highlands are closed until further notice, Resorts World Genting has announced today.

This comes a day after senior minister for security Ismail Sabri Yaakob said he was unaware that the casinos had been operating and had instructed them to be closed last Friday.

PETALING JAYA: Casinos in Genting Highlands are closed until further notice, Resorts World Genting has announced today.

This comes a day after senior minister for security Ismail Sabri Yaakob said he was unaware that the casinos had been operating and had instructed them to be closed last Friday.

Breaking news from the Edge

PUTRAJAYA (March 30): Travellers who have received the Covid-19 vaccine are not exempt from complying with the prescribed Covid-19 infection prevention measures including undergoing mandatory quarantine, says Health director-general Tan Sri Dr Noor Hisham Abdullah.

He said the Ministry of Health (MoH) on March 12 had decided that risk assessments should be carried out on travellers who had received complete Covid-19 immunisation, while the World Health Organisation (WHO) had also not recommended that the vaccination could be used as an ‘immunity passport’ for travel purposes.

Breaking news from the Edge

PUTRAJAYA (March 30): Travellers who have received the Covid-19 vaccine are not exempt from complying with the prescribed Covid-19 infection prevention measures including undergoing mandatory quarantine, says Health director-general Tan Sri Dr Noor Hisham Abdullah.

He said the Ministry of Health (MoH) on March 12 had decided that risk assessments should be carried out on travellers who had received complete Covid-19 immunisation, while the World Health Organisation (WHO) had also not recommended that the vaccination could be used as an ‘immunity passport’ for travel purposes.

KUALA LUMPUR (March 30): CGS-CIMB Research has downgraded Destini Bhd to Reduce at 25 sen and slashed its target price (TP) to 5 sen (from 28 sen) and said Destini’s FY20 core net loss of RM129 million was nearly 5 times the RM27.1 million the research house previously forecast, as the firm’s aviation revenue plunged amidst the pandemic.

In a note March 29, the research house said as the aviation industry is unlikely to return to normal operations in 2021, it now forecast Destini to be in a net loss in FY21F.

“FY22F EPS is cut by 51%.

“Destini’s new proposed 20% share placement is critical to replenish its working capital needs. Downgrade to Reduce with a lower TP of 5 sen,” it said

KUALA LUMPUR (March 9): Former finance minister II Datuk Seri Johari Abdul Ghani has emerged as a shareholder in Media Prima Bhd after buying 109.7 million shares in the open market today through his private investment vehicle, JAG Capital Holdings Sdn Bhd, as the share price of the group tumbled by 10%.

According to an exchange filing today, Johari now has a direct 4.96% or 55 million shares, and indirect 4.93% or 54.7 million shares in Media Prima following a series of acquisitions.

Johari is a director of JAG Capital and CI Holdings Bhd. He is also the chairman and largest shareholder of KUB Malaysia Bhd.

As it stands, Bloomberg data reveals that Aurora Mulia Sdn Bhd, a vehicle related to billionaire Tan Sri Syed Mokhtar Albukhary, is still the largest shareholder of Media Prima with a holding of 31.9% or 353.82 million shares.

Meanwhile, investment bank and financial services company Morgan Stanley is the second largest shareholder with 12.83% or 142.34 million shares.

Recently, Media Prima returned to the black with a net profit of RM18.84 million for the fourth quarter ended Dec 31, 2020 (4QFY20), from a net loss of RM104.46 million a year ago, underpinned by lower operating expenses achieved through its cost optimisation initiatives.

Health director-general Dr Noor Hisham Abdullah said on Feb 26 that the interstate travel ban might go on until at least 70% of the population had been vaccinated for Covid-19.

His reasoning is that when the government allowed interstate travel last Dec 7, the disease spread to states which were then “green” or free of Covid-19 cases. He said those in “red zones” travelled to “green zones”, bringing the virus with them.

Health director-general Dr Noor Hisham Abdullah said on Feb 26 that the interstate travel ban might go on until at least 70% of the population had been vaccinated for Covid-19.

His reasoning is that when the government allowed interstate travel last Dec 7, the disease spread to states which were then “green” or free of Covid-19 cases. He said those in “red zones” travelled to “green zones”, bringing the virus with them.

Health director-general Dr Noor Hisham Abdullah said on Feb 26 that the interstate travel ban might go on until at least 70% of the population had been vaccinated for Covid-19.

His reasoning is that when the government allowed interstate travel last Dec 7, the disease spread to states which were then “green” or free of Covid-19 cases. He said those in “red zones” travelled to “green zones”, bringing the virus with them.

Health director-general Dr Noor Hisham Abdullah said on Feb 26 that the interstate travel ban might go on until at least 70% of the population had been vaccinated for Covid-19.

His reasoning is that when the government allowed interstate travel last Dec 7, the disease spread to states which were then “green” or free of Covid-19 cases. He said those in “red zones” travelled to “green zones”, bringing the virus with them.

Genting Highland close until 18 February 2021...Looks like Genting will remain closed along as MCO is extended and interstate travel is not allowed.

With COVID-19 cases spiking despite MCO implemented since 13 January 2021, one has to wonder whether MCO will end on 18 February 2021 or extended again until when...

Genting Highland close until 18 February 2021...Looks like Genting will remain closed along as MCO is extended and interstate travel is not allowed.

With COVID-19 cases spiking despite MCO implemented since 13 January 2021, one has to wonder whether MCO will end on 18 February 2021 or extended again until when...

Breaking News from The Edge

KUALA LUMPUR (Jan 20): Genting Malaysia Bhd’s (GenM) unit Resorts World Genting (RWG) is temporarily shutting operations, in line with the government’s plan to implement the movement control order (MCO) in Pahang, where it is based, from Jan 22 to Feb 4, 2021.

Breaking News from The Edge

KUALA LUMPUR (Jan 20): Genting Malaysia Bhd’s (GenM) unit Resorts World Genting (RWG) is temporarily shutting operations, in line with the government’s plan to implement the movement control order (MCO) in Pahang, where it is based, from Jan 22 to Feb 4, 2021.

Genting Highlands got COVID-19 Clusters. It will be placed under EMCO from this Friday 11/12 according to Senior Minister Datuk Seri Ismail

Genting Highlands got COVID-19 Clusters. It will be placed under EMCO from this Friday 11/12 according to Senior Minister Datuk Seri Ismail

Breaking News from CNBC

"Russia says vaccine could be in use by November and has been developed over six years"

Breaking News from CNBC

"Russia says vaccine could be in use by November and has been developed over six years"

Breaking News from CNBC

"Russia says vaccine could be in use by November and has been developed over six years"

Breaking News from CNBC

"Russia says vaccine could be in use by November and has been developed over six years"

Breaking News from CNBC

"Russia says vaccine could be in use by November and has been developed over six years"

Breaking News from CNBC

"Russia says vaccine could be in use by November and has been developed over six years"

Breaking News from CNBC

"Russia says vaccine could be in use by November and has been developed over six years"

Breaking News from CNBC

"Russia says vaccine could be in use by November and has been developed over six years"