TOPGLOV – Kim’s view
- March 9, 2022
- 1190
TOPGLOV (7113)
Kim’s downgrade for the reason belows :-
– Oil will surge higher cross USD150 per barrel
– Nitrile raw material will costly higher
– Endemic Phases started 1st April
– Butadiene and nitrile prices are set to increase following an increase in oil prices
– Gas price will hike higher soon
– 2Q net profit drops sharply to RM88m from RM2.87b a year earlier
– Its plunges 53% q-o-q, 97% y-o-y to RM88m as ASPs normalise to pre-pandemic levels
– Its earnings per share for 2QFY22 slipped to 1.09 sen from 35.77 sen a year prior.
– Pursue Hong Kong listing at appropriate time
TARGET PRICE
TP09 – RM1.30
TP10 – 0.80 sen
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