【TOPGLOV 7113 交流专区】顶级手套

34350

Notice of Shares Buy Back - Immediate Announcement

Date of buy back	:	03/01/2008
Description of shares purchased	:	Ordinary Shares of RM0.50
Total number of shares purchased (units)	:	32,000
Minimum price paid for each share purchased (RM)	:	6.450
Maximum price paid for each share purchased (RM)	:	6.500
Total consideration paid (RM)	:	207,000.00
Number of shares purchased retained in treasury (units)	:	32,000
Number of shares purchased which are proposed to be cancelled (units)	:	0
Cumulative net outstanding treasury shares as at to-date (units)	:	4,212,600

34350

以最新的业绩来算(EPS 9.78), RM6.50 的PE 是在16.62 倍 , 顶级应该很快就会回到RM7.00 以上了.

pya_ch

这里附上顶级过去几年的成长记录:
                                31.8.02  31.8.03  31.8.04  31.8.05   31.8.06   31.8.07
turnover (000)    180,202 265,089 418,133 641,827 992,611 1,228,778
net profit(000)      16,102    23,349   38,932   53,447   78,392    103,795   
T=topglov
其营业额增加介于582% < T > 581%
其净利增加介于    545% < T > 544%
由此可见顶级在过去甚至到目前,
其成本转移基本上应该没有太大的问题,
当然有些年份营业额增长较快,
有些年份则净利增长较快,
总的来看则相当接近,
如果按第一季的情况来推测,
则今年将延续去年的盈利增长快过营业额增长,
但是这在目前为止还是第一次,
是因为脚步站稳了,
所以可以更好控制价格?
还是因为成本有效降低,
所以才达到目前的成绩,
还是大家谈之变色的灌水业绩
而过去几年的净利大约是7%到9%左右,
理论上来看应该不象灌水业绩,
那顶级接下来的目标应该想想怎么扩大生意,
提高市占率了,当然,净利也得跟着成长,
而且必须至少保持以往的记录,
净利的增长必须跟得上营业额的成长脚步

Mr.Business

新闻。

Top Glove Q1 net up 19pc from year ago
The glove maker attributes the improved profit to the turnaround in its China operations and at the Singapore-listed Mediflex in the first quarter
        
Published: 2008/01/03

THE world's largest glove manufacturer, Top Glove Corp Bhd, has posted a net profit of RM29.79 million in its first quarter ended November 2007.

This represents a 19 per cent improvement from the RM25.10 million registered in the previous corresponding period.

The company attributed the improved profit to the turnaround in its China operations and at Mediflex Ltd in the first quarter, which is earlier than the initial March 2008 target.

After a RM49 million acquisition, the Singapore-listed loss-making Mediflex became Top Glove's subsidiary in October 2006.

In a statement yesterday, Top Glove chairman Tan Sri Lim Wee-Chai said that profit before tax rose 20 per cent to RM34.6 million in the quarter from RM28.9 million in the previous corresponding period.

Revenue improved to RM336.48 million from RM308.24 million.

Lim said the significant achievement in higher sales and profits was in line with the group's continuous expansion of capacity, better quality control and cost-efficiency, and marketing strategy.

He pointed out that with the appreciation of the ringgit against the US dollar between the quarter ended November 30 2007 and the quarter ended November 30 2006, sales of gloves increased by 25 per cent in dollar value but only 17 per cent in ringgit value.

There was also a drop in sales of latex concentrate in the first quarter due to higher internal consumption, compared to higher external sales in the quarter ended November 30 2006.

In the period reviewed, sales of gloves amounted to RM322.4 million while latex concentrate sales fell to RM14.1 million from RM32.4 million.

Lim said the group is confident of achieving better results in the financial year 2008.

He said growth would be driven by continued efficiency and production capacity via technology innovation and new production lines, the marketing of more-profitable glove products and further expansion of market share.

Top Glove shares ended trade unchanged yesterday at RM6.50.

http://www.btimes.com.my/Current_News/BTIMES/Friday/Nation/glovvy.xml/Article/index_html

[ 本帖最后由 Mr.Business 于 4-1-2008 12:02 PM 编辑 ]

留下眼镜

我没忘记它的Par Value是50 sens， 而且害怕Ex-Date前后估价下跌。

它们buy back那么多，会不会又来拆细？

Mr.Business

1. 对你来说股票拆细是件坏事？

2. Top Glove的NTA有RM2这么多，要的话应该也是给红股，应该不会拆细吧。
PS: 现在票数是300 million股, 我想票数不要再增加会比较好。

Mr.Business

原帖由 pya_ch 于 3-1-2008 07:38 PM 发表
这里附上顶级过去几年的成长记录:
                                31.8.02  31.8.03  31.8.04  31.8.05   31.8.06   31.8.07
turnover (000)    180,202 265,089 418,133 641,827 992,611 1,228,778
net profit ...

Top Glove现在手上的现金有RM137.6 million这么多，至于借贷只有RM181.4 million。上个季度Top Glove只还了RM10 million的借贷，却花了RM19 million来回购股票，看来她并不急着清还债务，却明显觉得自己的股票被低估了。

手上现金这么多 (D/E只是0.3)，有新的收购活动也不奇怪。

留下眼镜

可是当年它也是由RM1.00拆细的，不懂有什么法宝赚资本，现在再施行一次也可以。

Mr.Business

资本不是由股东出钱， 就是向人借钱, 不然就是公司赚钱，慢慢累积起来，还有别个方法？

举例来讲，去年2月，Top Glove发出private placement，以RM8.80的价钱发出10％新股，得到RM239.5 million的资金，并用其中的RM100 million来还债。

PS: 我真欣赏Top Glove的那次private placement，哈。。。特别是现在市价才RM6.40的时候。。。哈。。。

[ 本帖最后由 Mr.Business 于 4-1-2008 12:54 PM 编辑 ]

Mr.Business

OSK的研究报告 (03/01/2008):

1Q Inline
Top Glove’s 1QFY08 results came in within our expectation with strong earnings growth of 18.3% yoy. With new production lines completed, we expect the results to be stronger in the next quarter. Moreover, the loss making subsidiary Mediflex Ltd is expected to turnaround very soon. Nevertheless, our numbers remain unchanged at this juncture. Maintain BUY with a target price of RM7.40

A good start.
Top Glove registered 1QFY08 earnings of RM29.4m, is inline with our expectation. Revenue and earnings grew by 9.0% and 18.3% respectively contributed by higher output than the previous year. Earnings grew far higher than revenue due to lower latex revenue from latex concentrate resulted from higher internal usage and higher other operating income. Meanwhile Q-o-q revenue and earnings grew by 9.3% and 9.4% respectively.

Stronger margin.
EBITDA margin level is better in the current quarter at 14.2% compared to 13.8% in the previous year due to lower latex prices. Latex prices averaged about RM5.20/kg to RM5.50/kg for the past few weeks. We believe latex prices are not an issue for Top Glove as the company has solid track record of passing the cost to its customers.

Still expanding.
Factory 19 in Klang has been completed in December 2007 and Top Glove currently has 19 factories, 330 production lines with production capacity of 29bn pieces of gloves per annum. Meanwhile, all the construction in Factory 14 has been completed whereby 8 advanced glove production lines have been installed in the same period totalling to 32 lines. On the other hand, management has highlighted turnaround Mediflex Ltd in FY08.

Maintaining our forecast.
We are maintaining our FY08 and FY09 earnings forecasts at RM128m and RM154.6m respectively. Balance sheet is strong with low net gearing of 0.07x compared to the industry average of 0.6x to 0.7x.

Maintain BUY.
We maintain our BUY recommendation on Top Glove with an unchanged fair value at RM7.40 by using the composite PE of 17x over FY08 EPS of 41.2 sen and 3.4x P/B.

[ 本帖最后由 Mr.Business 于 4-1-2008 01:38 PM 编辑 ]

Mr.Business

CIMB的研究报告 (03/01/2008):

&#8226; Within expectations. Although Top Glove’s annualised 1QFY8/08 net profit made up 96% of our estimate and 93% of consensus expectations, it is within expectations as earnings in subsequent quarters should be higher given the ongoing expansion. Also within expectations was the absence of a dividend.

&#8226; Bottomline growth outpaces topline. Group turnover growth came in at only 9% as the ringgit strengthened against the US$ and contribution from its latex concentrate operations slumped 56%, largely due to higher internal consumption. Based solely on its glove business, turnover rose 16.8% yoy (Figure 1). Net profit growth, however, was much higher at 19% as Top Glove was able to offset part of the US$ weakness by raising its prices.

&#8226; China and Mediflex operations return to the black. We are heartened by the turnaround of both the China operations and Mediflex during the quarter, earlier than the group’s target of Mar 08. Mediflex registered about RM700k profit in 1Q08 while the China unit turned in about RM100k profit.

&#8226; Falling into place. We understand that the oversupply issue in China has improved as many smaller manufacturers have shut down. Selling prices for vinyl gloves have been stabilising at US$15 per 1,000 pieces. The construction of eight new lines in F15 in Xinghua, China is on track for completion in Mar 08. In Malaysia, the remaining eight lines in F14 were fully installed in Dec 07 while construction of F19 was completed that month. The 16 production lines will be installed progressively by May 08, a slight delay from its initial target of Mar 08.

&#8226; Reiterate OUTPERFORM. We maintain our earnings forecasts as we expect higher earnings in the subsequent quarters, helped by the group’s expansion. Given the positive demand outlook, the group’s continuing expansion and the turnaround of its China operations and Mediflex, we reiterate our OUTPERFORM recommendation. Although we continue to value the stock at a 10% discount to its historical 1-year forward P/E, our target price drops from RM10.50 to RM8.90 as its historical 1-year forward P/E has fallen from 22x to 19.5x. The main share trigger would be the improving quarterly earnings coming from the group’s expansion and positive contributions from China and Mediflex.

[ 本帖最后由 Mr.Business 于 4-1-2008 01:47 PM 编辑 ]

34350

首季營業額增9.1%&#8231;頂級手套淨利3000萬
    * 大馬財經
2008-01-04 10:57
（吉隆坡訊）頂級手套（TOPGLOV，7113）在截至2007年11月30日止的首季，淨利上漲18.3%，從2484萬5000令吉增至2938萬3000令吉。
3個月營業額增9.1%，由3億828萬4000令吉漲至3億3648萬3000令吉。
頂級手套在文告中說，受美元貶值影響，儘管該公司首季美元銷售額按年增加25%，但是兌成馬幣後漲幅卻收窄至17%。
至於濃縮膠乳銷售業務，由於上財政年首季對外銷售較高，現財政年首季卻是內部消費轉強，造成銷量減少。
頂級手套指出，整體銷量與盈利顯著增加，歸功於該公司持續提高產能、實施更佳品管、改善成本效率等。在延續這些策略下，該公司看好現財政年業績展望。
同時，該公司旗下中國業務與Mediflex有限公司也在成功首季轉虧為盈，比原訂的今年3月更早達到目標，開始為集團業績帶來正面貢獻。

peterg

淨利上漲, 股息卻少得可憐,
以小股東來說, 除了不希望看到ESOS,
也不希望只聞雷聲不見雨.......

Mr.Business

今天主要蓝筹股都上涨了，只有Top Glove独憔悴。。。

Mr.Business

看来今天又是Top Glove在扶持自家的股价啦。。。

TOPGLOV
(7113) 18:06:33
Last Done        6.500
Change        0.000
Day High        6.550
Day Low        6.350
Best Buy        6.450
Best Sell        6.500
Volume(Lot)        8818

Mr.Business

果然。。。

Notice of Shares Buy Back - Immediate Announcement
Reference No CS-080104-705D9
Company Name        :        TOP GLOVE CORPORATION BHD
Stock Name         :        TOPGLOV
Date Announced        :        04/01/2008

               
Date of buy back        :        04/01/2008
Description of shares purchased        :         Ordinary Shares of RM0.50
Total number of shares purchased (units)        :        115,600
Minimum price paid for each share purchased (RM)        :        6.350
Maximum price paid for each share purchased (RM)        :        6.550
Total consideration paid (RM)        :        741,750.00
Number of shares purchased retained in treasury (units)        :        115,600
Number of shares purchased which are proposed to be cancelled (units)        :        0
Cumulative net outstanding treasury shares as at to-date (units)        :        4,328,200

[ 本帖最后由 Mr.Business 于 4-1-2008 06:26 PM 编辑 ]

Mr.Business

大股东买进，好事好事。

Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
Reference No CS-080104-705D8

Company Name	:	TOP GLOVE CORPORATION BHD
Stock Name	:	TOPGLOV
Date Announced	:	04/01/2008

Particulars of substantial Securities Holder

Name	:	The Overlook Partners Fund LP
Address	:	c/o Overlook Investments Limited 1702 Dina House 11 Duddell Street Central Hong Kong
NRIC/Passport No/Company No.	:	-
Nationality/Country of incorporation	:	Cayman Islands
Descriptions(Class & nominal value)	:	Ordinary Shares of RM0.50 each
Name & address of registered holder

HSBC Bank Malaysia Bhd
2 Leboh Ampang
50100 Kuala Lumpur

Details of changes
Type of transaction	Date of change	No of securities	Price Transacted (RM)
Acquired	24/12/2007	342,600

Circumstances by reason of which change has occurred	:	Purchase
Nature of interest	:	Direct
Direct (units)	:	15,415,580
Direct (%)	:	5.2
Indirect/deemed interest (units)	:
Indirect/deemed interest (%)	:
Total no of securities after change	:	15,415,580
Date of notice	:	04/01/2008
Remarks

The 342,600 shares were purchased between 12 December 2007 to 24 December 2007

[ 本帖最后由 Mr.Business 于 4-1-2008 06:28 PM 编辑 ]

弹煮

原帖由 Mr.Business 于 4-1-2008 06:21 PM 发表
看来今天又是Top Glove在扶持自家的股价啦。。。

TOPGLOV
(7113) 18:06:33
Last Done        6.500
Change        0.000
Day High        6.550
Day Low        6.350
Best Buy        6.450
Best Sell        6.500
Volume(Lot)        8818

周图：低迷已几个月的MACD和Divergence终于扭转乾坤，好事。


月图更新比较慢。截至2007年尾，除了随机指标出现倒钩之外，其他指标都普遍看坏。

34350

今天在 RM6.40 有 8031 lots 成交, 但是里头其中一宗单一的成交就已经是 6500 lots, 占了总成交的73.71%, 不知道那一个大户在买进,

弹煮

不就是大股东买的咯，你没看到生意佬贴出来鸟咩？