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皇冠官方app(www.hg108.vip)_Selling pressure to continue for glove stocks

admin2022-06-189

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,The share prices of top glove makers Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd and Top Glove Corp Bhd fell to fresh lows yesterday, following dizzying spikes in 2020. At 5pm, Top Glove, now a penny stock, closed 3.5 sen or 3.47% lower to 98 sen with a market capitalisation of RM8bil.

KUALA LUMPUR: Glove stocks will continue to face selling pressure in the near term due to “negative fundamental factors” in the sector, according to fund managers and equity *** ysts.

The share prices of top glove makers Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd and Top Glove Corp Bhd fell to fresh lows yesterday, following dizzying spikes in 2020.

At 5pm, Top Glove, now a penny stock, closed 3.5 sen or 3.47% lower to 98 sen with a market capitalisation of RM8bil.

Tradeview Capital chief investment officer Nixon Wong pointed out that the glove sector is facing a “perfect storm” of intensifying competition among producers, reduced glove demand, high inventory levels on the buyers’ side, excess capacity on the sellers’ side, rising production costs, shortage of labour and thin margins.

Wong said with the reopening of international borders and the current excess glove capacity, there is less urgency for glove procurement by distributors and hospitals.

“Buyers also have high inventory levels due to stocking up on gloves in 2020 and 2021 and aggressive buying out of fear previously,” he said.

Wong noted that the increased glove production capacity from not only the existing producers but also some new glove making entrants in Malaysia, as well as major producers in China like Intco Medical, had resulted in lower average selling prices (ASPs) and thus, thinning profit margins.

“Rising material costs have also contributed to compressed margins,” he said, adding that he sees glove stocks continuing to face downward pressure in the next “two or three quarters”.

“Valuations (for glove stocks) have been suppressed, given the deteriorating fundamentals, which could remain under pressure, especially in a high inflation environment as well as the negative earnings outlook on glove makers’ margins,” added Wong.

Rakuten Trade head of equity sales Vincent Lau said while news of the US Federal Reserve hiking its benchmark interest rate by 0.75 percentage points might have affected sentiment, the outlook for the earnings of glove makers is not attractive.

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