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apple developer account for sale :Top Glove confident of robust demand in next two years


Kenanga research said its target price on the counter was maintained at RM10.68 based on 11.5 times 2021 raised earnings per share of 92.9 sen. KUALA LUMPUR: Kenanga Research has maintained an “outperform” call on Top Glove Corp Bhd after raising its financial year 2021 (FY21) net profit forecast by 40% to account for higher average selling prices. “Raised estimated FY21 net profit by 40% after hiking our average selling price (ASP) from US$55 per 1,000 pieces to US$70 per 1,000 pieces and assuming 80% utilisation or 75 billion pieces in volume sales (taking into account of the temporary production loss in Klang factories). “Our FY22 ASP assumption remains conservatively pegged at US$40 per 1,000 pieces, ” it said. The research house said its target price on the counter was maintained at RM10.68 based on 11.5 times 2021 raised earnings per share of 92.9 sen. “We lowered our target price-earnings ratio as we believe that its earnings growth will moderate towards more sustainable levels beyond FY21. Despite this, there remains ample upside to our target price of RM10.68.” Following a conference call with Top Glove, Kenanga said management is confident of robust demand over the next two years due to continuous acute shortage and surging cases of Covid-19 in Europe and the US. “Looking ahead into the second quarter of FY21, we highlight that Top Glove’s ASP in the second quarter of FY21 is expected to jump by 30% quarter-on-quarter, with higher volumes (+10% from new capacities) and product mix skewed towards higher margin nitrile gloves, ” it said. Meanwhile, the group has already invested RM70mil on more workers’ accommodations and improving existing ones while spending RM20mil to purchase 100 apartments and renting more houses for its workers. Over the medium term, the group has earmarked about RM100mil to be invested in workers’ facilities and accommodation, which includes building mega hostels in Klang and Banting with a combined capacity of 7,300 pax fully equipped with a suite of amenities and facilities.

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