CIMB IB Research upgrades Top Glove; raises target to RM5.65
TheEdge
Fri, Dec 16, 2016
KUALA LUMPUR (Dec 16): CIMB IB Research has upgraded Top
Glove Corp Bhd to "add" with a higher target price of RM5.65 based on a
higher 19 times calendar year 2018 (CY18) price earnings ratio (PER)
(previously 16 times), in line with +1 standard deviation of its
five-year historical mean, as the research house sees the glove maker to
be a key beneficiary of a strong US dollar and as a stock that
investors should accumulate.
In a note yesterday, CIMB Research said Top Glove is the biggest beneficiary in the sector from the recent weakening of the ringgit.
"First, it has a higher natural rubber product mix (bulk of latex raw material is procured in ringgit versus nitrile in US dollars). Thus, production cost in ringgit is higher for natural rubber gloves, leading to margin expansion from currency gains.
"Also, Top Glove has the sector's largest production capacity at 48 billion units per annum, which allows it to benefit more from the excess demand flowing to Malaysia as the ringgit depreciates more than the currencies of other glove-making nations versus US dollar," the research house wrote.
With Top Glove now posting an earnings before interest, tax, depreciation and amortisation (EBITDA) margin expansion after three consecutive quarters of quarter-on-quarter EBITDA margins declines, the research house also believes the worst is over.
"Moving forward, we expect a better outlook for Top Glove given a pickup in demand as well as the recent weakness in the ringgit. This, added with a more favourable external environment as well as expected easing of pricing competition from a more gradual ramp-up in incoming new sector capacity, should lead to sequentially stronger earnings ahead," it said.
其中的三个说法是：
美元起，手套股的赚幅增加， 不过会在下一季中呈现，
而12月5日开始，要把75巴仙的美元收入转为令吉，也会带来一次过的大收益
（会一次性，爆炸性的盈利）
参考：
http://malaysiafinance.blogspot.my/2016/12/bank-negara-may-have-switched-on-bull.html
到底有多少美元在手上呢？
非常多。。。。在3.5 或更低买入的。。。。。
Then there are the exporters who are appealing for that figure to be 50% instead of 75% in order to keep buying "raw materials and goods". That very appeal shows that they have been keeping much more than 75% for I don't know how long - what about the "supernormal gains" these exporters have been reaping from "translation gains" for the past 12-18 months ... somehow just vanished in thin air!!??
这一大笔的美元在公司的户口中。。。。
有几多？？
很吓人
应该非常多
非常大笔。。。。
Now,
they cannot do it. I think for at least 1/3 of the listed firms that
have been profitable, being forced to convert to ringgit will actually
realise a lot of gains. Yes, these gains are one-off but still gains. Fr
profitable exporters, they'd be profitable already at 3.5 to the dollar
... give them 4.0 or 4.4 ... they are laughing silently.
此外， 美国联储局在明年至少两次的升息， 将令美元更为强大， 美元对令吉还会继续上升。
而令吉疲弱， 外国会购入更多的手套， 销售量会继续增加。外国商家会继续买入。。。。。。。。。。。。生意量会继续上升
良心指示：当未来一次性美元盈利之后，这项优势就没有了， 买货要用回“贵” 美元。。。。就是打平。。。。因此，一次性爆炸收入（美元盈利） 可能就是那么一次。。。。。
也就是说在下一次公布业绩
会有惊喜？？？？？？？？？？
下个月6日之前买入，会有8.5分的股息（原本为17分，50分的股票，就是8.5分）
In a note yesterday, CIMB Research said Top Glove is the biggest beneficiary in the sector from the recent weakening of the ringgit.
"First, it has a higher natural rubber product mix (bulk of latex raw material is procured in ringgit versus nitrile in US dollars). Thus, production cost in ringgit is higher for natural rubber gloves, leading to margin expansion from currency gains.
"Also, Top Glove has the sector's largest production capacity at 48 billion units per annum, which allows it to benefit more from the excess demand flowing to Malaysia as the ringgit depreciates more than the currencies of other glove-making nations versus US dollar," the research house wrote.
With Top Glove now posting an earnings before interest, tax, depreciation and amortisation (EBITDA) margin expansion after three consecutive quarters of quarter-on-quarter EBITDA margins declines, the research house also believes the worst is over.
"Moving forward, we expect a better outlook for Top Glove given a pickup in demand as well as the recent weakness in the ringgit. This, added with a more favourable external environment as well as expected easing of pricing competition from a more gradual ramp-up in incoming new sector capacity, should lead to sequentially stronger earnings ahead," it said.
其中的三个说法是：
美元起，手套股的赚幅增加， 不过会在下一季中呈现，
而12月5日开始，要把75巴仙的美元收入转为令吉，也会带来一次过的大收益
（会一次性，爆炸性的盈利）
参考：
http://malaysiafinance.blogspot.my/2016/12/bank-negara-may-have-switched-on-bull.html
到底有多少美元在手上呢？
非常多。。。。在3.5 或更低买入的。。。。。
Then there are the exporters who are appealing for that figure to be 50% instead of 75% in order to keep buying "raw materials and goods". That very appeal shows that they have been keeping much more than 75% for I don't know how long - what about the "supernormal gains" these exporters have been reaping from "translation gains" for the past 12-18 months ... somehow just vanished in thin air!!??
这一大笔的美元在公司的户口中。。。。
有几多？？
很吓人
应该非常多
非常大笔。。。。
Now,
they cannot do it. I think for at least 1/3 of the listed firms that
have been profitable, being forced to convert to ringgit will actually
realise a lot of gains. Yes, these gains are one-off but still gains. Fr
profitable exporters, they'd be profitable already at 3.5 to the dollar
... give them 4.0 or 4.4 ... they are laughing silently.此外， 美国联储局在明年至少两次的升息， 将令美元更为强大， 美元对令吉还会继续上升。
而令吉疲弱， 外国会购入更多的手套， 销售量会继续增加。外国商家会继续买入。。。。。。。。。。。。生意量会继续上升
良心指示：当未来一次性美元盈利之后，这项优势就没有了， 买货要用回“贵” 美元。。。。就是打平。。。。因此，一次性爆炸收入（美元盈利） 可能就是那么一次。。。。。
也就是说在下一次公布业绩
会有惊喜？？？？？？？？？？
下个月6日之前买入，会有8.5分的股息（原本为17分，50分的股票，就是8.5分）
TOPGLOV - Notice of Book Closure
| TOP GLOVE CORPORATION BHD |
Single Tier Final Dividend of 8.5 sen per share.
Kindly be advised of the following :
1) The above Company's securities will be traded and quoted "Ex - Dividend” as from: 6 Jan 2017
2) The last date of lodgment : 10 Jan 2017
3) Date Payable : 23 Jan 2017
2) The last date of lodgment : 10 Jan 2017
3) Date Payable : 23 Jan 2017
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