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KUALA LUMPUR (March 1): Top Glove Corp Bhd s share price had dropped 7.6% or 40 sen to RM4.84 at the time of writing today, wiping off RM3.28 billion of its market capitalisation, following news that the glove maker wants to raise RM7.7 billion via a primary dual listing in Hong Kong. Analysts foresee Top Glove’s primary dual listing on the Hong Kong Exchange (HKEX) to dilute its financial year ending Aug 31, 2021 (FY21) to FY23 earnings per share (EPS). CGS-CIMB Research analyst Walter Aw said he is negative on the exercise as it is EPS dilutive. Assuming the overallotment option is exercised, he estimated this exercise will reduce the group’s FY21 to FY23 EPS by 11.2% to 15.1%. ....
Brokers' take: AmBank maintains 'hold' on glovemakers; CGS-CIMB retains 'add' businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.
KUALA LUMPUR (Dec 29): AmInvestment Bank Research has maintained its “neutral” rating of the property sector, saying the circumstances would remain challenging in the next 12 months. In a sector report today, AmInvestment analyst Thong Pak Leng said even with most developers having achieved new sales targets, sales were down about 22% in the cumulative first nine months of 2020 (9M20), compared to the previous year, due to a lacklustre market amid the Covid-19 pandemic. Developers were instead more aggressive in clearing unsold units by offering discounts with the inventory level on a declining trend, said Thong. AmInvestment said in certain segments, developers with overseas exposure will do better in the medium term, especially in China and Singapore. ....
KUALA LUMPUR (Dec 16): Despite 427 out of a total of 7,004 employees testing positive for Covid-19, Kossan Rubber Industries Bhd founder Tan Sri Lim Kuang Sia, who is also the company s CEO and managing director, expects the impact to be less than 2% of the group s bottom line. Lim confirmed with theedgemarkets.com that only one site out of the group’s six locations, or 25% of its total output volume, was affected by the outbreak. “The impact on production is only for two weeks (starting from Dec 4). So, the impact on our profit is less than 2%,” he said. According to Kenanga Research analyst Choo Ping Khoon, Kossan told analysts in a briefing yesterday that the group conducted a voluntary Covid-19 screening test at its glove division from Dec 4 to Dec 10. ....