KUALA LUMPUR (March 16) : CIMB Investment Bank Bhd has raised its fair value for Top Glove Corp Bhd shares from RM3.61 to RM3.63 but maintained its Underperform recommendation for the stock .
This follows CIMB’s 10.5% upward revision in its earnings per share forecast for Top Glove after the world’s largest rubber glove manufacturer in terms of capacity announced its second quarter financials, CIMB wrote in a note on Friday.
Top Glove’s net profit in the second quarter ended Feb 29, 2012 more than doubled (110%) to RM53.46 million from RM25.41 million a year earlier, as higher sales, and cheaper raw materials boosted the rubber glove manufacturer’s bottom line.
CIMB said Top Glove’s strong first half results “will not be repeated” as natural rubber prices are rising again. Shares of Top Glove rose 12 sen to close at RM4.92 on Thursday.
This follows CIMB’s 10.5% upward revision in its earnings per share forecast for Top Glove after the world’s largest rubber glove manufacturer in terms of capacity announced its second quarter financials, CIMB wrote in a note on Friday.
Top Glove’s net profit in the second quarter ended Feb 29, 2012 more than doubled (110%) to RM53.46 million from RM25.41 million a year earlier, as higher sales, and cheaper raw materials boosted the rubber glove manufacturer’s bottom line.
CIMB said Top Glove’s strong first half results “will not be repeated” as natural rubber prices are rising again. Shares of Top Glove rose 12 sen to close at RM4.92 on Thursday.
