KUALA LUMPUR (July 8): Supermax Corp Bhd bulls pushed the glove maker’s share price to an all-time high of RM16 before it closed one bid lower at RM15.98.
At the closing price, Supermax is valued at RM21.73 billion. The rubber glove maker’s market capitalisation (market cap) has exceeded RHB Bank Bhd's RM20.25 billion and Petronas Dagangan Bhd's RM20.58 billion, both of which are FBM KLCI component stocks.
Supermax’s share price soared RM2.36, or 17.3%, today with 68.9 million shares changing hands — the highest level since June 3 when the trading volume was 82.7 million.
The increase of RM2.36 is the counter's largest-ever share price jump in terms of value.
Meanwhile, Supermax's share price has skyrocketed 11 times this year from RM1.39 on Dec 31, 2019, amid expectation of a strong surge in demand for gloves due to the Covid-19 pandemic.
The stock's current share price also exceeded the expectations given by the analysts who tracked it.
Supermax's share price has exceeded investment analysts’ target price, except for Kenanga Investment Bank’s analyst Raymond Choo, who issued a research note to raise the target price to RM17.10 — the highest among all.
According to Bloomberg, Supermax has 11 analysts covering it, nine of whom have “buy” calls while two have “hold” calls, with a 12-month consensus target price of RM10.65.