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NewsHighlight CIMB Research maintains Add on Top Glove, ups target to RM16
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Highlight CIMB Research maintains Add on Top Glove, ups target to RM16
by Cals Thu 17 Dec 2015, 00:29
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[size=28]CIMB Research maintains Add on Top Glove, ups target to RM16
By theedgemarkets.com / theedgemarkets.com | December 16, 2015 : 8:53 AM MYTKUALA LUMPUR (Dec 16): CIMB IB Research ([You must be registered and logged in to see this image.] Valuation: 1.65, Fundamental: 0.55) has maintained its “Add”rating onTop Glove Corporation Bhd ( Valuation: 1.10, Fundamental: 2.70) at RM11.86 with a higher target price of RM16 (from RM11) and said Top Glove’s 1QFY16 core net profit beat both house and consensus expectations, coming in at 39% and 37% of the respective full-year forecasts.
In a note yesterday, the research house said Top Glove’s 1QFY16 core net profit surged by 125% year-on-year due to higher shipment volume, improving operating efficiency from automation and favourable forex movements.
“Nitrile segment contribution grew to 32% in 1QFY16 (vs. 24% in 1QFY15).
“We raise FY16-18 EPS by 40-44%.
“Maintain Add rating on the stock, with a higher target price of RM16.00 – based on 21x CY17 P/E (still at 10% discount to Hartalega Holdings Bhd ([You must be registered and logged in to see this image.] Valuation: 0.50, Fundamental: 2.30)’s target P/E).
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