• Intensified trade dispute led to US plans to raise the tariff on Chinese-made rubber gloves from 7.5% to 25% by 2026.
• While the news may be favourable for Malaysian rubber glove manufacturers, we anticipate that the effect will only materialise by 2026.
• We are upgrading our recommendation to HOLD for HARTA with a target price of RM3.90 by pegging 2.8x to FY25F BV while we re-iterate our HOLD call for TOPGLOV with a target price of RM1.24 by pegging 43.0x P/E multiple to FY25F EPS of RM0.03.
Disclaimer
The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.
Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.
Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.
| Stock | Last (RM) | Change (RM) | Volume |
|---|---|---|---|
| 0.015 | 0.005 | 352.34M | |
| 0.090 | 0.005 | 232.85M | |
| 0.185 | -0.015 | 205.84M | |
| 0.085 | 0.005 | 124.03M | |
| 0.910 | 0.030 | 98.04M | |
| 1.050 | -0.040 | 53.50M | |
| 0.130 | -0.020 | 53.42M | |
| 0.115 | -0.005 | 52.25M | |
| 0.285 | 0.000 | 39.05M | |
| 0.050 | 0.000 | 31.19M |
| Stock | Last (RM) | Change (RM) | Volume |
|---|---|---|---|
| 4.830 | 0.260 | 18.45M | |
| 20.140 | 0.120 | 55.70K | |
| 7.650 | 0.120 | 819.00K | |
| 5.660 | 0.110 | 4.60K | |
| 1.500 | 0.110 | 25.20K | |
| 2.200 | 0.090 | 1.00K | |
| 10.200 | 0.080 | 8.81M | |
| 13.280 | 0.080 | 29.90K | |
| 3.650 | 0.080 | 1.12M | |
| 3.400 | 0.070 | 437.70K |
| Stock | Last (RM) | Change (RM) | Volume |
|---|---|---|---|
| 24.360 | -0.520 | 295.50K | |
| 13.800 | -0.500 | 8.34M | |
| 13.780 | -0.480 | 42.40K | |
| 17.580 | -0.420 | 383.90K | |
| 10.540 | -0.400 | 3.20K | |
| 13.500 | -0.300 | 716.90K | |
| 8.870 | -0.210 | 5.96M | |
| 97.800 | -0.200 | 107.60K | |
| 3.150 | -0.180 | 765.50K | |
| 2.980 | -0.170 | 27.46M |
| Currency | Buy Rates (RM) | Sell Rates (RM) |
|---|---|---|
| USD | 4.455268 | 4.488135 |
| EUR | 4.716585 | 4.723137 |
| CNY | 0.616518 | 0.616862 |
| HKD | 0.572409 | 0.576643 |
| SGD | 3.318330 | 3.343262 |
Last Updated: Thursday, November 21, 2024
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