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CGS-CIMB analyst Walter Aw said in a note that assuming that each worker accommodation is hit by one charge (it is estimated that Top Glove has a total of 300 worker accommodations), Top Glove would have to pay fines of up to RM15 million, which is 0.14% of his FY21 EPS estimate (for the financial year ending Aug 31, 2021).
At this juncture, we are unable to ascertain the impact of the Ministry of Human Resources' (MoHR) charges (RM50,000 per offence) on Top Glove, pending further details, such as the number and types of charges to be filed against Top Glove,” he said.
He also made no changes to his FY21 to FY23 EPS estimates, awaiting further updates on the matter.
Aw, however, kept his "add" call for the stock, with a target price (TP) of RM10, based on 17 times 2022F PER (forecasted in line with its five-year historical mean).
He continued to like Top Glove as it is a key beneficiary of higher glove demand due to the Covid-19 pandemic, given its position as the world’s largest glove maker.
It was reported yesterday that the MoHR had opened 19 investigation papers into six subsidiaries of Top Glove, following enforcement operations in five states, amid the spread of Covid-19 in the Teratai Cluster originating from the group’s workers' dormitories in Meru, Klang.
Top Glove said in a statement the company is fully cooperating with the authorities. It is also seeking more accommodations and efforts to improve its existing workers' accommodations. It also expects the exercise to improve its workers' accommodations to be completed by Dec 31, 2020.

AmInvestment Bank Research analyst Thong Pak Leng said in a note today that the latest development could potentially raise Top Glove's perceived risk premium, hence the research house had reduced its price-earnings ratio (PER) valuation to 25 times from 28 times.
With 25 times PER, we arrived at a lower fair value (FV) of RM7.03 per share (previously RM7.88) for Top Glove based on [estimated] 2022 earnings per share (EPS),” he said.
While the investigations are still ongoing, we are not making any changes to our earnings forecasts at this juncture,” he said, maintaining his "hold" call for the stock.

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Malaysia recorded 23 new Covid-19 cases in the last 24 hours ending noon with two new clusters detected

39 (new) positive cases (accumulated since last Sunday) and with one more case, we will turn into a red from the yellow zone

Sarawak Disaster Management Committee (SDMC) chairman Datuk Amar Douglas Uggah Embas said it will convene a special meeting tomorrow to discuss the latest development on the Covid-19 pandemic in the Kuching District

There are four new cases in the Hospital Sentosa Cluster. (A total of) 677 individuals have been screened and tested, 657 are still waiting for their results and Kuching, Sarawak has become a red zone

Kuching declared red zone Hospital Sentosa closed

MCO may be enforced again if cases reach three digits says Ismail Sabri

Covid 19 Malaysia reports 13 new cases today with one death

third wave covid

harta no give bonus ar..

bonus

waiting bonus

who Ansell

covid up kossan up...

covid up top glove up...

current covid infection 3.74mil

world corona virus hit 9 mil

pakisan today covid jump 4471 cases

Thx bro advice, like that trive not suitable to buy la...

mexico today rapid increase covid

brazil want more gloves can call them exchange with coffee... barter trade

EU want more gloves can call them exchange with palm oil... barter trade

united states want more gloves cancall them exchange with palm oil... barter trade

india buy more palm oil and gloves..

india rapid increase covid...

united states today increase 58 cases

Togetherweearn ...Are carepls have build new factory now to increase production ? No lo... Carepls shares good prices boss sell stock first...

ahbah Next everybody will chase high prices gloves or chase low price PPE ?

ahbah you everyday wear gloves or wear face mask ?

ahbah gloves demand high or face mask demand high ?

demand high in personal protective equipment (PPE)

gloves stock expensive

rogers you no wear mask ?

you wear what country made mask

i everyday wear mask have support strong...

distributing covid-19

slowly slowly up

singapore listed top glove also rally

supermax like superman