Affin Hwang Capital upgrades Top Glove, raises target price to RM5.20

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KUALA LUMPUR (Nov 15): Affin Hwang Capital Research has upgraded Top Glove Corp Bhd to “Buy” at RM4.50 with a higher target price of RM5.20 (from RM4.10) and said it is expecting better quarters ahead for the sector and Top Glove, due to improving demand for Malaysian rubber gloves.

In a note today, the research house said since the US has already started to impose a 15% tariff on gloves from China, buying patterns should start to normalise, as distributors were stocking up on China gloves in anticipation of the tariff hike.

“Medical gloves imported from China into the US has risen by 45% YTD (Sep) with a 14% market share,” it said.