TOPGLOV – Kim’s view

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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