Stock Name: TOPGLOV
Company Name: TOP GLOVE CORPORATION BHD
Affin Investment Bank raised its target price on Top Glove Corporation Bhd, the world's largest rubber glove maker by volume, to RM6.28 per share from RM6.20 on the back of resilient demand, which is likely to boost sales.
Affin said it is confident of Top Glove's plans for a healthy 10-15 per cent sales growth in the financial year 2013 following record high sales of RM 2.3 billion this year.
"We think this target is achievable due to the resilient demand for rubber gloves from the healthcare sector of both developed and emerging markets," Affin said in a note on Wednesday.
The research house raised its sales growth forecast for the financial years 2013 to 2015 by 1 to 3 per cent, adding that key risks include a sudden resurgence of latex prices if China's demand for rubber stages a strong recovery.
Affin kept its 'add' rating on the counter.
As of 10.2 am, Top Glove's shares rose 1.1 per cent against the Malaysian benchmark stock index's 0.1 rise. - Reuters
Company Name: TOP GLOVE CORPORATION BHD
| Research House: AFFIN | Price Call: BUY | Target Price: 6.28 |
Affin Investment Bank raised its target price on Top Glove Corporation Bhd, the world's largest rubber glove maker by volume, to RM6.28 per share from RM6.20 on the back of resilient demand, which is likely to boost sales.
Affin said it is confident of Top Glove's plans for a healthy 10-15 per cent sales growth in the financial year 2013 following record high sales of RM 2.3 billion this year.
"We think this target is achievable due to the resilient demand for rubber gloves from the healthcare sector of both developed and emerging markets," Affin said in a note on Wednesday.
The research house raised its sales growth forecast for the financial years 2013 to 2015 by 1 to 3 per cent, adding that key risks include a sudden resurgence of latex prices if China's demand for rubber stages a strong recovery.
Affin kept its 'add' rating on the counter.
As of 10.2 am, Top Glove's shares rose 1.1 per cent against the Malaysian benchmark stock index's 0.1 rise. - Reuters
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