Top Glove Corporation Berhad - Impacted by one-off impairment
Mon, 09-Oct-2023 10:53 am
by Kenneth Leong • Apex Research

Counter

TOPGLOV (7113)

Target Price (RM)

0.63

Recommendation

Sell

Summary

  • FY23 net loss at -RM538.1m (including one-off impairment following the operational rationalisation exercise) was largely in tune with our expectations of net loss at -RM550.9m.
  • Expect sequential improvement, on the back of cost rationalisation initiatives and slight uptick in ASP.
  • Downgrade our recommendation to SELL with a lower target price of RM0.63 by pegging 30.0x PE to FY25 EPS of 2.1 sen.
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