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RHB Research maintains Buy on Top Glove, cuts fair value to RM5.06

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RHB Research maintains Buy on Top Glove, cuts fair value to RM5.06 Empty RHB Research maintains Buy on Top Glove, cuts fair value to RM5.06

Post by Cals Thu 19 Jun 2014, 03:07

RHB Research maintains Buy on Top Glove, cuts fair value to RM5.06
Business & Markets 2014
Written by theedgemalaysia.com   
Wednesday, 18 June 2014 07:46

KUALA LUMPUR (June 18): RHB Research has maintained its Buy rating on Top Glove Corporation Bhd at RM4.51 with a lower fair value (FV) of RM5.06 (from RM5.67) and said Top Glove’s 9MFY14 net profit was below house and street estimates on lower revenue booked.

In a note Wednesday, the research house said this was due to lower average selling prices (ASPs).

“Its EBITDA margin improved due to lower raw material costs, but this was partly offset by higher utilities expenses. It declared a 7.0 sen interim dividend for the quarter under review.

“We revise our earnings forecast, due to a change in analyst, with FV of RM5.06 (from RM5.67). Maintain Buy,” it said.
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