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NewsRubber gloves sector profit to fall by 1% to 2% in 2016, says CIMB Research
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Rubber gloves sector profit to fall by 1% to 2% in 2016, says CIMB Research
by Cals Tue 02 Feb 2016, 12:19
Rubber gloves sector profit to fall by 1% to 2% in 2016, says CIMB Research
By theedgemarkets.com / theedgemarkets.com | February 2, 2016 : 9:11 AM MYTKUALA LUMPUR (Feb 2): CIMB IB Research has maintained its “Overweight” rating on the rubber gloves sector after the government raised the foreign workers levy from RM1,250 to RM2,500.
In a note yesterday, the research house said the move was negative for the sector, but it sees minimal impact from the hike given that it will also be shared by the workers.
“We expect sector profit in 2016 to fall by 1-2%.
“We maintain our sector Overweight on robust earnings outlook underpinned by healthy demand; in our view, recent share price weakness offers an attractive buying opportunity,” it said.
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