Friday 29 Mar 2024
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KUALA LUMPUR (March 21): CIMB IB Research has maintained its “Add” rating on Top Glove Corp Bhd (TOPG) at RM4.50 with a lower target price (TP) of RM5.08 (from RM5.40) and said TOPG’s risk-reward profile is attractive at 20.6x CY20 P/E (below +1 s.d. of its 3-year and 5-year historical mean), post the recent share price correction.

In a note March 20, the research estimated effective capacity to increase by only 5.3% year-on-year in 2019, and believed any heightened pricing competition will be short-lived.

“Maintain Add with a lower TP of RM5.08 (24x CY20 P/E),” it said.

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