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Wednesday, January 30, 2013

KLCI Stock - TOPGLOV / 7113 - 2013 Quarter 1

TOP GLOVE CORPORATION BERHAD


Company Description
Top Glove Corporation Berhad is a Malaysia-based investment holding company providing management services. The Company’s subsidiaries are engaged in the manufacture and trading of gloves; producing and selling latex concentrate, and property investment and trading of machinery. It operates in Malaysia, Thailand and People’s Republic of China. The Company's subsidiaries include Top Glove Sdn. Bhd., TG Medical Sdn. Bhd., Great Glove Sdn. Bhd., Top Glove Engineering Sdn. Bhd. and TG Medical (U.S.A.) Inc.

Company Info
Listing Date2002-05-16
Market Capital (Capital Size)3,245,121,320 (Large)
Par ValueRM 0.50
BoardMain
SectorIndustrial Products
Major IndustryGloves
Sub IndustryGloves Manufacturing & Sales
Websitehttp://www.topglove.com.my/

My Analysis
Forecast P/E now(5.24-0.16)/0.3918 = 12.97 (Moderate)
Target Price5.88+0.16 = 6.04 (PE 15.0, EPS 0.3918, DPS 0.16)
First Support Price5.05
Second Support Price4.8
Risk RatingMODERATE

Research House
ECM Target Price4.62 (2012-12-14)
Maybank Target Price6.1 (2012-12-14)
TA Target Price6.55 (2012-12-14)
CIMB Target Price5.97 (2013-01-09)
HLG Target Price5.47 (2013-01-09)
HwangDBS Target Price5.4 (2013-01-09)
Kenanga Target Price6 (2013-01-09)
MIDF Target Price6.05 (2013-01-09)
RHB Target Price6.29 (2013-01-09)
Alliance Target Price6.13 (2013-01-10)
OSK Target Price6.25 (2013-01-10)
AMMB Target Price6.5 (2013-01-22)

Accounting Ratio
Return on Equity19.38%
Dividend Yield3.05%
Operating Profit Margin12.03%
Net Profit Margin12.04%
Tax Rate16.32%
Asset Turnover1.3973
Net Asset Value Per Share2.13
Net Tangible Asset per share2.09
Price/Net Tangible Asset Per Share2.73
Cash Per Share0.33
Liquidity Current Ratio2.8959
Liquidity Quick Ratio1.7263
Liquidity Cash Ratio0.7036
Gearing Debt to Equity Ratio0.2523
Gearing Debt to Asset Ratio0.1982
Working capital per thousand Ringgit sale23.2%
Days to sell the inventory59
Days to collect the receivables43
Days to pay the payables43

Technical Analysis
SMA 105.333 (Downtrend)
SMA 205.434 (Downtrend 13 days)
SMA 505.493 (Downtrend)
SMA 1005.345 (Downtrend)
SMA 2005.051 (Uptrend)
MACD (26d/12d)-0.063951 ( 0.006066 )
Signal (9)-0.042996 ( 0.005239 )
MACD Histogram0.020955 (Bearish trend 29 days)
Bolinger Upper Band5.706
Bolinger Lower Band5.162

My notes based on 2013 Quarter 1 report (number in '000):-
- Higher revenue and pbt than FY12Q1 largely attributed to the continuing increase in demand, improved operations efficiency and lower raw material prices

- Lower revenue than FY12Q4 due to lower selling prices in line with easing raw material costs although improvement in quantity of gloves sold

- Estimate next 4Q eps after 2013 Q1 result announced = 1208330*0.18/619071 = 0.3918, estimate PE on current price 5.24 = 12.97(DPS 0.16)
- Estimate next 4Q eps after 2012 Q4 result announced = 1208330*0.18/619071 = 0.3265*1.2 = 0.3918, estimate highest/lowest PE = 14.34/12.89 (DPS 0.16)
- Estimate next 4Q eps after 2012 Q3 result announced = 1208330*0.18/619071 = 0.3513, estimate highest/lowest PE = 15.29/13.01 (DPS 0.13)
- Estimate next 4Q eps after 2012 Q2 result announced = 1195557*0.15/619231 = 0.2896, estimate highest/lowest PE = 17.06/13.57 (DPS 0.13)
- Estimate next 4Q eps after 2012 Q1 result announced = (0.0508*1.2)+(0.0508*1.1*3) = 0.2286, estimate highest/lowest PE = 22.79/18.59 (DPS 0.11)
- Estimate next 4Q eps after 2011 Q4 result announced = (0.0417*1.4)+(0.0417*1.4*1.1*3) = 0.251, estimate highest/lowest PE = 18.49/15.5 (DPS 0.11)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.047*4*1.2 = 0.2256, estimate highest/lowest PE = 25.62/16.62 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.08+0.088+0.0968+0.1065 = 0.3713, estimate highest/lowest PE = 15.19/13.74 (DPS 0.23)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.2122*4 = 0.8488*1.1 = 0.9337(10% adjustment), estimate highest/lowest PE = 15.5/10.36 (DPS 0.29)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.235*4 = 0.94, estimate highest/lowest PE = 14.68/11.66 (DPS 0.22)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.217*4 = 0.868, estimate highest/lowest PE = 14.31/10.75 (DPS 0.22)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.191*4 = 0.764, estimate highest/lowest PE = 12.23/10.2 (DPS 0.22)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.1424*4 = 0.5696, estimate highest/lowest PE = 14.04/10.8 (DPS 0.15)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.1221*4 = 0.4884, estimate highest/lowest PE = 13.21/9.89 (DPS 0.15)

TONGHER latest news (English)

TONGHER latest news (Chinese)



Financial Quarter Summary   Open in New Window
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetc_assetliabc_liabminoequicfocficffcashfcfnetfinalsharec_sharem_capdateoper_mprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2012-12-1320131N/AN/A-4.49%4.49%584575584575703837038357492574920.09280.09281677644828988332508286263270861345136113341813262158167246320153417320141961973961973935325122012-11-3012.03%12.04%16.32%1.3973-2.132.092.730.332.89591.72630.70360.25230.198223.2%594343
2012-10-11201245.785.210.095.54%17.64%607229231435867121241197635132022100.10250.32651598052810538318199274356244991279853276037171635846141474571044021978816724561939761927931898942012-08-3111.04%11.05%2.75%1.448215.77222.031.992.590.272.95431.77470.60960.25350.199123.2%574641
2012-06-14201235.54.7-4.69%12.10%603295170712963683174076538101386970.08690.22401588497835651380167323146204831208330219562101864438581487601176987384022260061912961907128851412012-05-3110.55%10.56%13.88%1.4158-1.921.892.470.362.5861.59260.68890.320.239322.8%574639
2012-03-15201225.074.060.074.66%7.40%54899111038346880211039353455848870.08630.137114977277544253021702478942345011955571545968112140103148760734753337218213261924261923130466702012-02-2912.52%12.53%21.23%1.4562-1.891.862.650.293.04331.77280.73470.25780.201823.2%573937
2011-12-16201215.324.36-2.74%2.74%554843554843415914159131432314320.05080.050814820677583492968692467382543211851989223027091610148760651396452921328961890061890027479162011-11-307.51%7.50%21.97%1.4286-1.871.842.410.343.07351.81950.86440.2560.200324.2%573735
2011-10-11201144.754.00.062.33%10.13%541836205391635085145470260341130910.04160.18091423029715431276656229412245701146373180472207407874042630992693511433914876062528162518625448932011-08-316.44%6.48%23.56%1.443322.49961.791.762.310.243.11851.88040.64840.24660.194423.7%544737
2011-06-17201135.883.850.052.29%7.80%53536315120803450511038525597870570.04090.1392137638170773025067921286023804112570251905122599563292629307069412702313590762537262527132894562011-05-316.42%6.45%24.53%1.4919-1.761.733.040.223.32492.0830.63850.22750.182124.1%515135
2011-03-16201125.424.95-2.28%5.51%485208976717314757588025410614600.04060.098313759177235562475502098542323811283671454789631558232629307508413090713202362536662541333019322011-02-286.43%6.49%17.59%1.5073-1.771.733.050.213.44792.160.62910.2240.179924.8%535341
2010-12-15201115.524.68-3.23%3.23%491509491509444054440536050360500.05820.05821401201750238241080204217244671160121730817194426082629301137374526667561904561904533737952010-11-309.02%9.03%18.18%1.4977-1.831.83.030.433.67372.54291.30580.21230.172126.0%464040
2010-10-06201045.875.330.095.33%28.99%541386207943242166306018450632452810.07270.3969137201074408825564421825923864111636621778340442947901803791773418255126293061976861791535264792010-08-317.80%7.79%-1.515614.33431.771.743.270.423.40922.45591.20470.2340.186325.3%434745
2010-06-162010314.544.980.147.62%23.67%555851153804683324263852644842002180.21220.6626134188373608430189625628123220103998718555238354492011858481471989799728384530382430216439071762010-05-3114.98%14.99%21.54%1.4647-3.363.293.910.932.87222.21381.10760.29690.22524.4%385350
2010-03-172010214.0211.18-8.34%16.04%50989598219593885180528705261357340.23500.453612884256844543365642932752259495186113798031789143431858481061919184827769630008529921237690672010-02-2818.62%18.41%23.04%1.3827-3.113.034.150.932.33381.75490.94690.36220.261222.0%424953
2009-12-162010112.649.55-7.71%7.71%472300472300866438664365208652080.21700.2170119739257872528593824571922663911454885431808219250185848704615121123705930051630051628549022009-11-3018.47%18.34%23.19%1.3514-2.962.893.290.792.35521.83590.96480.32170.238820.6%354858
2009-10-08200949.568.010.158.27%24.63%427346153190978998221539568311691540.19100.5712113240951149728643224405921464845977321363662841864031171722550796867618584829746729614024243562009-08-3118.85%18.49%30.38%1.352814.26832.782.723.00.622.09581.6080.76150.34740.252917.5%334955
2009-06-23200938.156.30.076.14%16.35%371965110456354338142541421671123230.14240.3796108664646561828551721741723229801129231485552691235351204701762165268117315129609329593619246042009-05-3115.21%14.61%22.01%1.352-2.632.552.550.582.14161.58550.79640.3670.262816.9%354344
2009-04-07200926.64.98-5.24%10.22%346522732598449058820335997701560.12210.238010859034597133352002439532276875070316417544697572041204701194786227418274429475829475414678942009-02-2813.77%12.96%19.40%1.3383-2.472.392.080.621.88441.36060.75040.46050.308714.8%363738
2009-01-06200915.054.06-4.97%4.97%386076386076432984329834159341590.11560.1156111132849600038446727339420281726861637202151820778120470422022142414189429553229553211880382008-11-3011.96%11.21%20.29%1.2845-2.392.321.730.481.81421.31230.52040.54410.34615.6%395548
2008-10-22200844.043.480.063.92%17.17%364534137793138286134627251091100650.08530.3718110954550788542275630608419741686789909156582669425164806250894433612047029444829600111130132008-08-3111.12%10.50%34.94%1.241910.16572.252.191.730.411.65931.14390.39710.63380.38114.6%476156
2008-07-02200834.23.520.054.07%13.25%3561391013397300089634126093849560.08740.2846103866745270338872124780819779649946865253870988185164397478164036912402829867829852312544472008-05-319.13%8.43%16.56%1.2718-2.112.042.060.421.82681.35570.50420.61690.374215.5%365852
2008-04-03200825.23.94-4.60%9.18%320775657258317736633329480588630.09900.1966101703443358437501622375920639642018640392254059278164397414991777914661829789729945011856302008-02-2910.58%9.91%10.71%1.2452-2.082.01.990.491.93771.37390.65520.60350.368716.6%414648
2008-01-03200816.553.88-4.58%4.58%336483336483345603456029383293830.09810.0981102790244162238203522481221814645867253881146040763164397139282683513756229949629949617520512007-11-3010.96%10.27%13.81%1.2229-2.082.012.910.461.96441.4080.61340.61220.371717.2%415255
2007-10-19200746.65.250.06N/AN/A30756312287783125311864413445895600.04470.3113105362846604541264925721421447640979108110121054118486588551294410554216439730099328765221220002007-08-3111.22%10.16%59.84%0.873622.64342.152.083.390.551.81191.34050.64380.66610.391622.7%547180
2007-07-0420073N/AN/A0.04N/AN/A301563921215294698739125902761150.08610.26851034466476509431279253160178516031876320192043139262587572884211042016917730079928351026019112007-05-3110.82%9.77%13.04%0.5925-2.061.984.370.571.88221.4580.67210.73680.416936.4%72118116
2007-04-0420072N/AN/A-N/AN/A311368619652290675792225368502130.09110.182710119205438754421462380712220569774486314533022013058757330122343128218827847927487124645392007-02-2810.48%9.34%12.71%0.3077-2.061.994.451.012.28451.8981.18530.7790.436998.2%-197N/A

Financial Quarter Balance Sheet   Open in New Window
yearqrtDeferred tax assets (A-0)Goodwill on consolidation (A-0)Investment in associated companies (A-0)Investment securities (A-0)Leasehold land use rights (A-0)Property, plant and equipment (A-0)Cash and cash equivalents (A-1)Current tax assets (A-1)Derivative assets (A-1)Inventories (A-1)Investment securities (A-1)Other assets (A-1)Other receivables, deposits and prepayments (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Current tax liabilities (L-1)Derivative liabilities (L-1)Dividend payable (L-1)Loans & borrowings (L-1)Other liabilities (L-1)Payables and accruals (L-1)Trade and other payables (L-1)Minority interest (M-1)
20131495020113673114545502771215201419-124971858931489063353-2769204357026753094--169834494-24697727086
20124370020113672914522441734386167246--17944014419825791-29386341028281590542663-16130940-23153824499
20123-20113647414518492707622222600--1986071224005874-2861705416628551864037214330620936625-22064520483
20122-201136418146184156982101821321035882271925911223704894-233853515162760---15642642-20509623450
20121-2011363221461860567853221328914679-2020031074134015-216950471342997-21903-15633458-19122125432
20114-201137039146196086606921487601322829541755321085124316-262129443932851---15734644-19461124570
20113-20113574514529696396791359071949435218168982654-34344253290368191000--30923825-880189309423804
20112-20113542814530396236361320231876851119244177834-47186254793364041292---1112-10594510279723238
20111-201135234145359162188026667523173-15067180270-29173200276355711292-262-2679-9028611099024467
20104-20113505614530255995832629305473-16751140557-20349247268343603025---541-11260210511623864
20103-22457388214513727565588283845--168727--3757924593342356325928466--7596-10397911624023220
20102-224574063-14215563236277696--169780--2157721540139671361831366-450914288-8190913062122594
20101-2011389591285314020562722237059--127613--1817119588236427379221518--11253-8148913145922663
20094-2011393661285314200564380185848--119053--833319826333413896014721-2078111573-1045549243021464
20093-22378926914514786574450173151--120909--1287515868336527315735568--58455-555059788923229
20092-22129988814514794579234183062--127801--1089913795134799564486051-1766887065-565317663822768
20091-201131019914512035572836142287--137222--1418520230630047810266676--99223-6232310517220281
20084-201131003714511928559437121545--157766--1437821419630047866253016-14722100362-7477511320919741
20083-21078943514511260544046124945--116756--16313194689321241087895714-1472258984-5211211627619779
20082-21078899814511291541938146618--126154--14097146715314591197982694-1541856832-584689034720639
20081-2107888661459547546644137890--125079--15491163162311891260341951--55332-5919010833921814
20074-2107887371459588548035165584--121256--1044116876426968128467619-1201363726-7676410409221447
20073-24795845914511943512615170140--107391--29911169067338101443093847-1201063748-6738010617517851
20072-21078--45574424102821881621-92020--180391500073147117260414446--76322-58790885132220

Financial Quarter Income Statement   Open in New Window
yearqrtRevenueIncome tax expenseFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associates
2013158457511487305477519727140488
2012460722918493060625462691759129
201236032958837314831544477103665
2012254899114606246318486593741110
201215548439136284052517234102342
201145418368267778235515176784267
201135353638464773919504914444214
201124852085535513560457573530331
201114915098072373089450261283105
201045413864069636987506165117221
20103555851179441013142475736896168
20102509895216277626584176301732962
201014723002009539821063871911340174
2009442734623996147123403491171829100
200933719651195920131276316655212235
20092346522871223271428300225196493
20091386076878327181540341444356156
200843645341337824942439326448201255
200833561394969271427533263691054199
200823207753404241916852885261111258
20081336483477325242096301692404197
200743075631870331424707277770895105
2007330156338433145200427093927614
200723113683693356212522799916-

Financial Quarter Segments Revenue
yearqrtOthersMalaysiaChinaThailand
20131280114662373136758960
20124303044929432541758565
20123305384880312182962897
20122335014488841970546901
20121264714565311391257929
20114240044493881722351221
20113224934512541412347493
20112184064053321543046040
20111248594012951470650649
20104289514325742235157510
20103300504438812299758923
20102251234153102225447208
20101218743877901960743029
20094226313433372472636652
20093174643085701528430647
20092222812658332965828750
20091191953017183435430809
20084184452711343725633964
20083161732892142240428348
20082159642551411765732013
20081187572531421971144873
20074214552331781068342411
2007315565246435688532678
20072120592422891161445406

Financial Quarter Segments Profit
yearqrtOthersMalaysiaChinaThailand
20131165633063236531
2012410615224978312929
20123668502792712675
20122560621527796783
20121976273766413373
201146732633815246280
20113965297597014345
20112349262745995171
201114304131130465642
201041913767632637604
201035897938739668425
201024598403139810831
201012937586744710608
200944597259413218195
200938043287297810241
200926703736123997295
200916253571325727262
200845003171324146864
200836302814914762268
20082518312541482680
20081479340371332238
200748633321643883017
20073413302541669850
20072594343911890148

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables


CURRENT


CHANGES IN SHAREHOLDING
ANNUAL REPORTS


HISTORICAL


CHANGES IN SHAREHOLDING


ARCHIVES


CHANGES IN SHAREHOLDING


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