investor81 | Joined since 2015-06-01

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2018-08-22 13:04 | Report Abuse

Hi kcchongnz,

It is long time you never share your investment return for your latest stock pick service.
Just curious how is the return despite the fluctuation at 1st half of 2018.


2018-01-16 09:59 | Report Abuse

another case of buy on rumors, sell on news... anyway, TG good in long term...


2018-01-15 09:47 | Report Abuse

first IB re-rate post Aspion confirmation, CIMB IB Research raises target price for Top Glove to RM10.

“We raise our FY18-20F EPS by 3-20% to reflect Aspion’s earnings contribution to the group.

“Maintain Add on Top Glove, with a higher target price of RM10.00, now based on 22.4x CY19F P/E vs. 19x previously, a 20% discount to our target P/E for Hartalega (28x),” it said.


2018-01-12 15:57 | Report Abuse

imho, TopGlove should set maximum cap at the finessis incentive.

if finessis super hot selling, PAT 20m, TopGlove pay incentive only already vomit blood... TopGlove got think about it??


2018-01-12 15:21 | Report Abuse

yes, the variable now is finessis incentive.

Assume 1,300m loan, 3% interest, 39m interest per year, 81m extra profit from Aspion for first year.
meaning extra profit 42m or eps 3.35

break even level is finessis PAT 12.367m, TopGlove need to pay 41.875m incentive. All extra profit 42m will be use to pay incentive...

can have more complicated calculation, I leave it to IB professional and account analyst...


2018-01-12 14:40 | Report Abuse

in summary,
TopGlove need to pay Aspion one time 1,370m (cash+shares) + "Finesis incentive" in 3 financial years.
Aspion guarantee PAT for 2 financial years. Total 80.9+108.3 = 189.2m (Any shorfall, Aspion will pay but capped at 100m)


2018-01-12 14:32 | Report Abuse

Hi Chin Leong, "Finessis incentive" is pay by topglove to vendor (aspion)


2018-01-12 14:13 | Report Abuse

As TopGlove shareholder, I am not happy with the "Finessis incentive"... need to multiply 16.93!!!

FYE 31 October 2018, Finessis incentive = Finessis PAT × 20.0% × 16.93
FYE 31 October 2019, Finessis incentive = Finessis PAT × 30.0% × 16.93
FYE 31 October 2020, Finessis incentive = Finessis PAT × 50.0% × 16.93

Walaoye... if my understanding is correct...
if Finessis PAT in FY18 is 1m, TopGlove need to pay 3.396m to Vendor
if Finessis PAT in FY19 is 1m, TopGlove need to pay 5.079m to Vendor
if Finessis PAT in FY20 is 1m, TopGlove need to pay 8.465m to Vendor!!

So Finessis PAT 3m, TopGlove need to pay approx. 17m to Vendor? Correct?? T-T


2018-01-12 14:04 | Report Abuse

Issuance of 20,505,000 Consideration Shares to the Vendor of about RM6.6813 each.

20.505m / 1,257m = 1.63% new share...


2018-01-12 13:49 | Report Abuse

Announcement out. Buy entire equity interest in Aspion, for a purchase consideration of RM1,370.0 million.

Quite surprise no IB report after AGM. Still waiting IB report until today...


2018-01-10 10:23 | Report Abuse

Orange88, some IB did not include Aspion in their earning forecast in FY19... if Aspion is confirm, hope those IB re-rate and raise TP for Topglov...


2018-01-09 17:15 | Report Abuse

good news... hoping re-rating from IB analyst report


2018-01-09 15:52 | Report Abuse

Aspion acquistion 100% confirm deal or still in progress?


2018-01-08 17:23 | Report Abuse

tomorrow AGM... MSWG will ask the status of Aspion acquisition... hope for the best...



2018-01-08 10:02 | Report Abuse





2018-01-08 10:01 | Report Abuse






2018-01-04 14:21 | Report Abuse

break record high... if no 1:1 bonus issue on 21-Jan-2016, price is 8.79x2=17.58 now...
waiting Aspion news... hope got good news before AGM...


2017-12-20 16:32 | Report Abuse

PE50 a new high record set by Harta...


2017-12-20 11:32 | Report Abuse

can Harta break 20B soon? it should be included in Bursa Malaysia KLCI Index in next review.


2017-12-20 11:30 | Report Abuse

Harta break 18B!! All huat!!


2017-12-20 11:29 | Report Abuse

Price 7.98 +0.50 (6.68%)
Market Cap: 10,023 Million
NOSH: 1,256 Million

Congrats!!! 10B company!!!


2017-12-19 15:51 | Report Abuse

Harta ttm eps 22, pe 49! Topglove ttm eps 29, pe 25. Hmmmm... what is mr. Market thinking??


2017-12-19 15:15 | Report Abuse

Break 9b... 10b should not be a problem after aspion acquisition


2017-12-19 13:26 | Report Abuse

eps 8.41... exceed my expectation.... congratulation!!


2017-12-14 11:05 | Report Abuse

latex drop to rm4.62/kg now... the highest in this year was rm7.98/kg in February... this is good for FY18Q2 vs FY17Q2 if this latex downtrend continue...

imo, FY18Q1 may not have good result as FY17Q4 because FY17Q4 has the orders delay from FY17Q3. I am happy if FY18Q1 eps got 7.0 cent.


2017-12-14 10:55 | Report Abuse


The Board of Directors wishes to inform that the Company will be releasing its first quarter financial results for the period ended 30 November 2017 on Tuesday, 19 December 2017.


2017-11-24 16:32 | Report Abuse

however, please verify my calculation before make decision... i am human and might be wrong...


2017-11-24 16:31 | Report Abuse

to me... this news is positive... with potential 24% eps growth and only 1.5% eps dilution...
only potential downside is net cash company become net debt company...


2017-11-24 16:03 | Report Abuse

"The purchase consideration is intended to be satisfied via a combination of cash and the issuance of new ordinary shares in the company (Top Glove). The new shares to be issued will comprise not more than 10% in value of the purchase consideration. The issue price of the new shares will be determined at a later stage," Top Glove said.

10% of 1.28b = 128m
assume issue price = 6.70
number of shares = 19.1m

NOSH 1,257 Million

19.1/1257=1.5%... meaning EPS diluted around 1.5% after new shares issued...

pls correct me if I am wrong...


2017-11-24 15:55 | Report Abuse

not sure why Adventa shoot up this afternoon because of this news??


2017-11-24 15:54 | Report Abuse

just found out Aspion is under Adventa Capital Pte. Ltd, if not mistaken, it is not under Aventa listed company in Malaysia


2017-11-24 15:39 | Report Abuse

finally have update news even though it is not final 100% yet...

topglove last 4Q net profit = 332m, Aspion 80m PAT...
80/332 = 24% potential increase in net profit...

PE 16 to 18 means Topglove need to fork out 1.28b to 1.44b...


2017-11-22 14:30 | Report Abuse

harta reach 15b market cap... topglov only 8.5b market cap... when topglov can reach 15b market cap?? harta net profit 365M, topglove net profit 332M...

i am not interested in how many PhD, Master or Uni Degree hired by your research lab... I am more interested in what new technology and new innovative product introduced by your research lab... like what have been achieved by Harta...


2017-11-22 14:17 | Report Abuse

harta 15b market capitalization... more than IJM (11b market cap) and BAT (11b market cap)... expect to be included in KLCI index in coming review...


2017-11-21 11:58 | Report Abuse

Executive chairman Tan Sri Lim Wee Chai said the company is about to announce what potentially can be its biggest takeover to date.

“It is a very interesting acquisition and a good one and we are 99% sure it’s in hand. We’ll announce it within the month. It can be a more than a billion ringgit acquisition. We will give you more details soon,” he said at a press and analyst briefing at the company’s headquarters here on Tuesday.




2017-11-21 11:35 | Report Abuse

previous hike is due to 1B acquisition... but worries starting now... no news for 1 month...


2017-11-17 18:05 | Report Abuse

imho, senior management should not mention anything before the 1 billiion acquisition... if management already mention it, please update the progress...


2017-08-21 13:28 | Report Abuse

latex rise to 5.75/kg


2017-08-21 10:56 | Report Abuse

@Tatyang Liew, 谢谢你的讲解


2017-08-18 18:02 | Report Abuse

I am learning warrant too. Please correct my understanding if wrong.

I found a reference "A Quick Guide to Cash Settlement on Expiry!"

Let say I have 100,000 units Annjoo-CD

Case 1: What if Ann Joo price is RM3.50 by 8 Dec 2017 later, what will happen to Annjoo-CD?
Cash Settlement Amount
= Number of Annjoo-CD exercised x [(Cash Settlement Price - Exercise Price) / Exercise Ratio ]
= 100,000 x [(3.50-3.00) / 3.5]
= 100,000 x RM0.1429 per warrant
= RM14,290 approx

If bought 100,000 units Annjoo-CD at price 0.145.
profit/lost = 14,290-14,500 = -210 (lost)

Case 2: What if Ann Joo price stays at 3.20 by 8 Dec 2017, what is expected to Annjoo-CD?
Cash Settlement Amount
= Number of Annjoo-CD exercised x [(Cash Settlement Price - Exercise Price) / Exercise Ratio ]
= 100,000 x [(3.20-3.00) / 3.5]
= 100,000 x RM0.05714 per warrant
= RM5,714 approx

If bought 100,000 units Annjoo-CD at price 0.145.
profit/lost = 5,714-14,500 = -8,786 (lost)

Case 3: Ann Joo price below 3.00 (Assume 2.99)
Cash Settlement Amount
= Number of Annjoo-CD exercised x [(Cash Settlement Price - Exercise Price) / Exercise Ratio ]
= 100,000 x [(2.99-3.00) / 3.5]
= Out-Of-The-Money

If bought 100,000 units Annjoo-CD at price 0.145.
lost = -14,500

Ideal case: What if Ann Joo price stays at 3.80 by 8 Dec 2017, what is expected to Annjoo-CD?
Cash Settlement Amount
= Number of Annjoo-CD exercised x [(Cash Settlement Price - Exercise Price) / Exercise Ratio ]
= 100,000 x [(3.80-3.00) / 3.5]
= 100,000 x RM0.2286 per warrant
= RM22,860 approx

If bought 100,000 units Annjoo-CD at price 0.145.
profit = 22,860-14,500 = +8,360

* The Cash Settlement Price of RM3.50 is the average daily volume weighted average price (VWAP) of the ordinary shares of GENM for the five (5) market days prior to and including the market day immediately before the Expiry Date.
* The Cash Settlement Amount will be delivered to the warrantholders by ordinary post within seven (7) market days from the Expiry Date.


2017-06-16 14:26 | Report Abuse

net profit 77m... eps 6.20... annualize 24.80... price 6.20 if PE given 25... HARTA PE is >30...


2017-06-08 15:09 | Report Abuse

@Sephy, I hope profit hit 100m too. Do you have any source for management guide 100m profit?

News & Blogs

2017-06-08 14:46 | Report Abuse

I have a beginner question. If I hold call warrant until expiry and the option is in the money, what should I do to get return/money from investment bank? Or the return will be auto bank in to my account?

News & Blogs

2017-06-08 14:37 | Report Abuse

Nice article for beginner in warrants...


2017-06-08 13:18 | Report Abuse today latex price drop below 5.80 per kg...


2017-06-08 13:17 | Report Abuse

ooppsss.. sorry... my mistake...


2017-06-08 12:02 | Report Abuse

revenue 80 to 85m, but PAT estimated to be higher rebound sharply...


2017-06-08 12:00 | Report Abuse

艾芬黄氏资本研究(AffinHwang Capital Research)在研究报告中指出,由于低基数效应,加上平均售价走高,赚幅也随之扩大,顶级手套的盈利或按年大幅反弹。



2017-06-08 11:39 | Report Abuse

KUALA LUMPUR (June 8): Shares in Top Glove Corp Bhd rose as much as 10 sen to a one-year high of RM5.60 per share in early trade today, after AffinHwang Capital Research raised its target price on the stock to RM6.50 this morning, citing expectations of an earnings rebound and an improvement in average selling price (ASP).


In its note, AffinHwang said it expects Top Glove's earnings to rebound sharply year-on-year on its low base, as well as a margin expansion driven by the improved ASP.

“We expect 3QFY17 earnings to range from RM80 million-RM85 million,” the research house said.