Stock Name: HARTA
Company Name: HARTALEGA HOLDINGS BHD
Stock Name: TOPGLOV
Company Name: TOP GLOVE CORPORATION BHD
Stock Name: KOSSAN
Company Name: KOSSAN RUBBER INDUSTRIES BHD
2H12 restocking will benefit processors and logistics players alike. Our top BUY is Goodpack. Margin recovery for glove-makers is already priced-in; accumulate Top Glove on weakness. Lower natural rubber price forecasts will have limited impact earnings. Stick with volume plays. Risks: European debt crisis, volatile crude oil prices, government intervention.
Hartalega Holdings; Hold; RM7.92Price Target: RM7.70; HART MK
Taking a breather
TP raised to RM7.70 pegged to 13x CY12 EPS led by better growth visibility. Lower latex prices to have marginal impact on EPS as latex glove segment is small (10%); expect flat 3Q12, margins still under pressure. Downgrade to Hold on limited share price upside.
Top Glove Corporation; Hold; RM5.00
Price Target: RM4.80; TOPG MKValuation setback
Cut latex price assumptions by 8% and raised FY12-14F EPS by 2-3%. FY12 will be a recovery year with lower latex costs and better sales mix. Raised TP to RM4.80 pegged to 15.5x CY12 EPS; expectations of margin recovery and stronger earnings have been priced in; Maintain Hold.
Kossan Rubber Industries; Hold; RM3.44
Price Target: RM3.30; KRI MKPositives priced in
Cut latex price assumptions by 8% and raised FY13/14 EPS by 2-3%; FY11 earnings intact. Expect flat earnings in 4Q1. Raised TP to RM3.30 pegged to 9x CY12 EPS; Maintain Hold as positives have been priced in.
Source: HwangDBS Research 17 Feb 2012
Company Name: HARTALEGA HOLDINGS BHD
| Research House: HWANGDBS | Price Call: HOLD | Target Price: 7.70 |
Stock Name: TOPGLOV
Company Name: TOP GLOVE CORPORATION BHD
| Research House: HWANGDBS | Price Call: HOLD | Target Price: 4.80 |
Stock Name: KOSSAN
Company Name: KOSSAN RUBBER INDUSTRIES BHD
| Research House: HWANGDBS | Price Call: HOLD | Target Price: 3.30 |
2H12 restocking will benefit processors and logistics players alike. Our top BUY is Goodpack. Margin recovery for glove-makers is already priced-in; accumulate Top Glove on weakness. Lower natural rubber price forecasts will have limited impact earnings. Stick with volume plays. Risks: European debt crisis, volatile crude oil prices, government intervention.
Hartalega Holdings; Hold; RM7.92Price Target: RM7.70; HART MK
Taking a breather
TP raised to RM7.70 pegged to 13x CY12 EPS led by better growth visibility. Lower latex prices to have marginal impact on EPS as latex glove segment is small (10%); expect flat 3Q12, margins still under pressure. Downgrade to Hold on limited share price upside.
Top Glove Corporation; Hold; RM5.00
Price Target: RM4.80; TOPG MKValuation setback
Cut latex price assumptions by 8% and raised FY12-14F EPS by 2-3%. FY12 will be a recovery year with lower latex costs and better sales mix. Raised TP to RM4.80 pegged to 15.5x CY12 EPS; expectations of margin recovery and stronger earnings have been priced in; Maintain Hold.
Kossan Rubber Industries; Hold; RM3.44
Price Target: RM3.30; KRI MKPositives priced in
Cut latex price assumptions by 8% and raised FY13/14 EPS by 2-3%; FY11 earnings intact. Expect flat earnings in 4Q1. Raised TP to RM3.30 pegged to 9x CY12 EPS; Maintain Hold as positives have been priced in.
Source: HwangDBS Research 17 Feb 2012
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