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NewsAffinHwang upgrades Top Glove to 'buy', raises target price to RM14.90
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AffinHwang upgrades Top Glove to 'buy', raises target price to RM14.90
by Cals Tue 15 Dec 2015, 05:06
AffinHwang upgrades Top Glove to 'buy', raises target price to RM14.90
By theedgemarkets.com / theedgemarkets.com | December 14, 2015 : 8:32 AM MYTKUALA LUMPUR (Dec 14): [size=16]AffinHwang Capital Research has upgraded Top Glove Corporation Bhd ([You must be registered and logged in to see this image.] Valuation: 1.10, Fundamental: 2.50) to "buy" at RM11.30 with a higher target price of RM14.90 (from RM8.95) and said given the favourable operating environment, it expects Top Glove to set another new earnings record for 1QFY16.
In a note today, the research house said with Top Glove regaining status as the market leader in terms of profitability, it believes that Top Glove deserves to trade at a higher PE, in line with Hartalega (23x).
"Hence, upgrade to 'buy' with higher target price of RM14.90," it said.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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