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 Date 2002-05-16 Market Capital (Capital Size) 3,245,121,320 (Large) Par Value RM 0.50 Board Main Sector Industrial Products Major Industry Gloves Sub Industry Gloves Manufacturing & Sales Website http://www.topglove.com.my/
My Analysis
Forecast P/E now (5.24-0.16)/0.3918 = 12.97 (Moderate) Target Price 5.88+0.16 = 6.04 (PE 15.0, EPS 0.3918, DPS 0.16) First Support Price 5.05 Second Support Price 4.8 Risk Rating MODERATE
Research House
ECM Target Price 4.62 (2012-12-14) Maybank Target Price 6.1 (2012-12-14) TA Target Price 6.55 (2012-12-14) CIMB Target Price 5.97 (2013-01-09) HLG Target Price 5.47 (2013-01-09) HwangDBS Target Price 5.4 (2013-01-09) Kenanga Target Price 6 (2013-01-09) MIDF Target Price 6.05 (2013-01-09) RHB Target Price 6.29 (2013-01-09) Alliance Target Price 6.13 (2013-01-10) OSK Target Price 6.25 (2013-01-10) AMMB Target Price 6.5 (2013-01-22)
Accounting Ratio
Return on Equity 19.38% Dividend Yield 3.05% Operating Profit Margin 12.03% Net Profit Margin 12.04% Tax Rate 16.32% Asset Turnover 1.3973 Net Asset Value Per Share 2.13 Net Tangible Asset per share 2.09 Price/Net Tangible Asset Per Share 2.73 Cash Per Share 0.33 Liquidity Current Ratio 2.8959 Liquidity Quick Ratio 1.7263 Liquidity Cash Ratio 0.7036 Gearing Debt to Equity Ratio 0.2523 Gearing Debt to Asset Ratio 0.1982 Working capital per thousand Ringgit sale 23.2% Days to sell the inventory 59 Days to collect the receivables 43 Days to pay the payables 43
Technical Analysis
SMA 10 5.333 (Downtrend) SMA 20 5.434 (Downtrend 13 days) SMA 50 5.493 (Downtrend) SMA 100 5.345 (Downtrend) SMA 200 5.051 (Uptrend) MACD (26d/12d) -0.063951 ( 0.006066 ) Signal (9) -0.042996 ( 0.005239 ) MACD Histogram 0.020955 (Bearish trend 29 days)Bolinger Upper Band 5.706 Bolinger Lower Band 5.162
My notes based on 2013 Quarter 1 report (number in '000):- TONGHER latest news (English) TONGHER latest news (Chinese) Financial Quarter Summary Open in New Window
a_date year qrt h_price l_price div roe c_roe rev c_rev pbt c_pbt prof c_prof eps c_eps asset c_asset liab c_liab mino equi cfo cfi cff cash fcf net final share c_share m_cap date oper_m prof_m vat asset_t pe navps ntaps p/ntaps cps l_cur l_qui l_cash g_de g_da avg_w inv_d rec_d pay_d 2012-12-13 2013 1 N/A N/A - 4.49% 4.49% 584575 584575 70383 70383 57492 57492 0.0928 0.0928 1677644 828988 332508 286263 27086 1345136 113341 81326 2158 167246 32015 34173 201419 619739 619739 3532512 2012-11-30 12.03% 12.04% 16.32% 1.3973 - 2.13 2.09 2.73 0.33 2.8959 1.7263 0.7036 0.2523 0.1982 23.2% 59 43 43 2012-10-11 2012 4 5.78 5.21 0.09 5.54% 17.64% 607229 2314358 67121 241197 63513 202210 0.1025 0.3265 1598052 810538 318199 274356 24499 1279853 276037 171635 84614 147457 104402 19788 167245 619397 619279 3189894 2012-08-31 11.04% 11.05% 2.75% 1.4482 15.7722 2.03 1.99 2.59 0.27 2.9543 1.7747 0.6096 0.2535 0.1991 23.2% 57 46 41 2012-06-14 2012 3 5.5 4.7 - 4.69% 12.10% 603295 1707129 63683 174076 53810 138697 0.0869 0.2240 1588497 835651 380167 323146 20483 1208330 219562 101864 43858 148760 117698 73840 222600 619129 619071 2885141 2012-05-31 10.55% 10.56% 13.88% 1.4158 - 1.92 1.89 2.47 0.36 2.586 1.5926 0.6889 0.32 0.2393 22.8% 57 46 39 2012-03-15 2012 2 5.07 4.06 0.07 4.66% 7.40% 548991 1103834 68802 110393 53455 84887 0.0863 0.1371 1497727 754425 302170 247894 23450 1195557 154596 81121 40103 148760 73475 33372 182132 619242 619231 3046670 2012-02-29 12.52% 12.53% 21.23% 1.4562 - 1.89 1.86 2.65 0.29 3.0433 1.7728 0.7347 0.2578 0.2018 23.2% 57 39 37 2011-12-16 2012 1 5.32 4.36 - 2.74% 2.74% 554843 554843 41591 41591 31432 31432 0.0508 0.0508 1482067 758349 296869 246738 25432 1185198 92230 27091 610 148760 65139 64529 213289 618900 618900 2747916 2011-11-30 7.51% 7.50% 21.97% 1.4286 - 1.87 1.84 2.41 0.34 3.0735 1.8195 0.8644 0.256 0.2003 24.2% 57 37 35 2011-10-11 2011 4 4.75 4.0 0.06 2.33% 10.13% 541836 2053916 35085 145470 26034 113091 0.0416 0.1809 1423029 715431 276656 229412 24570 1146373 180472 207407 87404 263099 26935 114339 148760 625281 625186 2544893 2011-08-31 6.44% 6.48% 23.56% 1.4433 22.4996 1.79 1.76 2.31 0.24 3.1185 1.8804 0.6484 0.2466 0.1944 23.7% 54 47 37 2011-06-17 2011 3 5.88 3.85 0.05 2.29% 7.80% 535363 1512080 34505 110385 25597 87057 0.0409 0.1392 1376381 707730 250679 212860 23804 1125702 51905 122599 56329 262930 70694 127023 135907 625372 625271 3289456 2011-05-31 6.42% 6.45% 24.53% 1.4919 - 1.76 1.73 3.04 0.22 3.3249 2.083 0.6385 0.2275 0.1821 24.1% 51 51 35 2011-03-16 2011 2 5.42 4.95 - 2.28% 5.51% 485208 976717 31475 75880 25410 61460 0.0406 0.0983 1375917 723556 247550 209854 23238 1128367 14547 89631 55823 262930 75084 130907 132023 625366 625413 3301932 2011-02-28 6.43% 6.49% 17.59% 1.5073 - 1.77 1.73 3.05 0.21 3.4479 2.16 0.6291 0.224 0.1799 24.8% 53 53 41 2010-12-15 2011 1 5.52 4.68 - 3.23% 3.23% 491509 491509 44405 44405 36050 36050 0.0582 0.0582 1401201 750238 241080 204217 24467 1160121 73081 71944 2608 262930 1137 3745 266675 619045 619045 3373795 2010-11-30 9.02% 9.03% 18.18% 1.4977 - 1.83 1.8 3.03 0.43 3.6737 2.5429 1.3058 0.2123 0.1721 26.0% 46 40 40 2010-10-06 2010 4 5.87 5.33 0.09 5.33% 28.99% 541386 2079432 42166 306018 45063 245281 0.0727 0.3969 1372010 744088 255644 218259 23864 1116366 217783 40442 94790 180379 177341 82551 262930 619768 617915 3526479 2010-08-31 7.80% 7.79% - 1.5156 14.3343 1.77 1.74 3.27 0.42 3.4092 2.4559 1.2047 0.234 0.1863 25.3% 43 47 45 2010-06-16 2010 3 14.54 4.98 0.14 7.62% 23.67% 555851 1538046 83324 263852 64484 200218 0.2122 0.6626 1341883 736084 301896 256281 23220 1039987 185552 38354 49201 185848 147198 97997 283845 303824 302164 3907176 2010-05-31 14.98% 14.99% 21.54% 1.4647 - 3.36 3.29 3.91 0.93 2.8722 2.2138 1.1076 0.2969 0.225 24.4% 38 53 50 2010-03-17 2010 2 14.02 11.18 - 8.34% 16.04% 509895 982195 93885 180528 70526 135734 0.2350 0.4536 1288425 684454 336564 293275 22594 951861 137980 31789 14343 185848 106191 91848 277696 300085 299212 3769067 2010-02-28 18.62% 18.41% 23.04% 1.3827 - 3.11 3.03 4.15 0.93 2.3338 1.7549 0.9469 0.3622 0.2612 22.0% 42 49 53 2009-12-16 2010 1 12.64 9.55 - 7.71% 7.71% 472300 472300 86643 86643 65208 65208 0.2170 0.2170 1197392 578725 285938 245719 22663 911454 88543 18082 19250 185848 70461 51211 237059 300516 300516 2854902 2009-11-30 18.47% 18.34% 23.19% 1.3514 - 2.96 2.89 3.29 0.79 2.3552 1.8359 0.9648 0.3217 0.2388 20.6% 35 48 58 2009-10-08 2009 4 9.56 8.01 0.15 8.27% 24.63% 427346 1531909 78998 221539 56831 169154 0.1910 0.5712 1132409 511497 286432 244059 21464 845977 321363 66284 186403 117172 255079 68676 185848 297467 296140 2424356 2009-08-31 18.85% 18.49% 30.38% 1.3528 14.2683 2.78 2.72 3.0 0.62 2.0958 1.608 0.7615 0.3474 0.2529 17.5% 33 49 55 2009-06-23 2009 3 8.15 6.3 0.07 6.14% 16.35% 371965 1104563 54338 142541 42167 112323 0.1424 0.3796 1086646 465618 285517 217417 23229 801129 231485 55269 123535 120470 176216 52681 173151 296093 295936 1924604 2009-05-31 15.21% 14.61% 22.01% 1.352 - 2.63 2.55 2.55 0.58 2.1416 1.5855 0.7964 0.367 0.2628 16.9% 35 43 44 2009-04-07 2009 2 6.6 4.98 - 5.24% 10.22% 346522 732598 44905 88203 35997 70156 0.1221 0.2380 1085903 459713 335200 243953 22768 750703 164175 44697 57204 120470 119478 62274 182744 294758 294754 1467894 2009-02-28 13.77% 12.96% 19.40% 1.3383 - 2.47 2.39 2.08 0.62 1.8844 1.3606 0.7504 0.4605 0.3087 14.8% 36 37 38 2009-01-06 2009 1 5.05 4.06 - 4.97% 4.97% 386076 386076 43298 43298 34159 34159 0.1156 0.1156 1111328 496000 384467 273394 20281 726861 63720 21518 20778 120470 42202 21424 141894 295532 295532 1188038 2008-11-30 11.96% 11.21% 20.29% 1.2845 - 2.39 2.32 1.73 0.48 1.8142 1.3123 0.5204 0.5441 0.346 15.6% 39 55 48 2008-10-22 2008 4 4.04 3.48 0.06 3.92% 17.17% 364534 1377931 38286 134627 25109 110065 0.0853 0.3718 1109545 507885 422756 306084 19741 686789 90915 65826 69425 164806 25089 44336 120470 294448 296001 1113013 2008-08-31 11.12% 10.50% 34.94% 1.2419 10.1657 2.25 2.19 1.73 0.41 1.6593 1.1439 0.3971 0.6338 0.381 14.6% 47 61 56 2008-07-02 2008 3 4.2 3.52 0.05 4.07% 13.25% 356139 1013397 30008 96341 26093 84956 0.0874 0.2846 1038667 452703 388721 247808 19779 649946 86525 38709 88185 164397 47816 40369 124028 298678 298523 1254447 2008-05-31 9.13% 8.43% 16.56% 1.2718 - 2.11 2.04 2.06 0.42 1.8268 1.3557 0.5042 0.6169 0.3742 15.5% 36 58 52 2008-04-03 2008 2 5.2 3.94 - 4.60% 9.18% 320775 657258 31773 66333 29480 58863 0.0990 0.1966 1017034 433584 375016 223759 20639 642018 64039 22540 59278 164397 41499 17779 146618 297897 299450 1185630 2008-02-29 10.58% 9.91% 10.71% 1.2452 - 2.08 2.0 1.99 0.49 1.9377 1.3739 0.6552 0.6035 0.3687 16.6% 41 46 48 2008-01-03 2008 1 6.55 3.88 - 4.58% 4.58% 336483 336483 34560 34560 29383 29383 0.0981 0.0981 1027902 441622 382035 224812 21814 645867 25388 11460 40763 164397 13928 26835 137562 299496 299496 1752051 2007-11-30 10.96% 10.27% 13.81% 1.2229 - 2.08 2.01 2.91 0.46 1.9644 1.408 0.6134 0.6122 0.3717 17.2% 41 52 55 2007-10-19 2007 4 6.6 5.25 0.06 N/A N/A 307563 1228778 31253 118644 13445 89560 0.0447 0.3113 1053628 466045 412649 257214 21447 640979 108110 121054 118486 58855 12944 105542 164397 300993 287652 2122000 2007-08-31 11.22% 10.16% 59.84% 0.8736 22.6434 2.15 2.08 3.39 0.55 1.8119 1.3405 0.6438 0.6661 0.3916 22.7% 54 71 80 2007-07-04 2007 3 N/A N/A 0.04 N/A N/A 301563 921215 29469 87391 25902 76115 0.0861 0.2685 1034466 476509 431279 253160 17851 603187 63201 92043 139262 58757 28842 110420 169177 300799 283510 2601911 2007-05-31 10.82% 9.77% 13.04% 0.5925 - 2.06 1.98 4.37 0.57 1.8822 1.458 0.6721 0.7368 0.4169 36.4% 72 118 116 2007-04-04 2007 2 N/A N/A - N/A N/A 311368 619652 29067 57922 25368 50213 0.0911 0.1827 1011920 543875 442146 238071 2220 569774 48631 45330 220130 58757 3301 223431 282188 278479 274871 2464539 2007-02-28 10.48% 9.34% 12.71% 0.3077 - 2.06 1.99 4.45 1.01 2.2845 1.898 1.1853 0.779 0.4369 98.2% - 197 N/A
Financial Quarter Balance Sheet Open in New Window
year qrt Deferred 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) 2013 1 4950 20113 6731 145 45502 771215 201419 - 12497 185893 148906 3353 - 276920 43570 2675 3094 - - 1698 34494 - 246977 27086 2012 4 3700 20113 6729 145 22441 734386 167246 - - 179440 144198 25791 - 293863 41028 2815 9054 2663 - 161 30940 - 231538 24499 2012 3 - 20113 6474 145 18492 707622 222600 - - 198607 122400 5874 - 286170 54166 2855 18640 3721 43306 209 36625 - 220645 20483 2012 2 - 20113 6418 146 18415 698210 182132 10358 8227 192591 122370 4894 - 233853 51516 2760 - - - 156 42642 - 205096 23450 2012 1 - 20113 6322 146 18605 678532 213289 14679 - 202003 107413 4015 - 216950 47134 2997 - 21903 - 156 33458 - 191221 25432 2011 4 - 20113 7039 146 19608 660692 148760 13228 2954 175532 108512 4316 - 262129 44393 2851 - - - 157 34644 - 194611 24570 2011 3 - 20113 5745 145 2969 639679 135907 19494 352 181689 82654 - 34344 253290 36819 1000 - - 30923 825 - 88018 93094 23804 2011 2 - 20113 5428 145 3039 623636 132023 18768 511 192441 77834 - 47186 254793 36404 1292 - - - 1112 - 105945 102797 23238 2011 1 - 20113 5234 145 3591 621880 266675 23173 - 150671 80270 - 29173 200276 35571 1292 - 262 - 2679 - 90286 110990 24467 2010 4 - 20113 5056 145 3025 599583 262930 5473 - 167511 40557 - 20349 247268 34360 3025 - - - 541 - 112602 105116 23864 2010 3 - 22457 3882 145 13727 565588 283845 - - 168727 - - 37579 245933 42356 3259 28466 - - 7596 - 103979 116240 23220 2010 2 - 22457 4063 - 14215 563236 277696 - - 169780 - - 21577 215401 39671 3618 31366 - 45091 4288 - 81909 130621 22594 2010 1 - 20113 8959 12853 14020 562722 237059 - - 127613 - - 18171 195882 36427 3792 21518 - - 11253 - 81489 131459 22663 2009 4 - 20113 9366 12853 14200 564380 185848 - - 119053 - - 8333 198263 33413 8960 14721 - 20781 11573 - 104554 92430 21464 2009 3 - 22378 9269 145 14786 574450 173151 - - 120909 - - 12875 158683 36527 31573 5568 - - 58455 - 55505 97889 23229 2009 2 - 22129 9888 145 14794 579234 183062 - - 127801 - - 10899 137951 34799 56448 6051 - 17668 87065 - 56531 76638 22768 2009 1 - 20113 10199 145 12035 572836 142287 - - 137222 - - 14185 202306 30047 81026 6676 - - 99223 - 62323 105172 20281 2008 4 - 20113 10037 145 11928 559437 121545 - - 157766 - - 14378 214196 30047 86625 3016 - 14722 100362 - 74775 113209 19741 2008 3 - 21078 9435 145 11260 544046 124945 - - 116756 - - 16313 194689 32124 108789 5714 - 14722 58984 - 52112 116276 19779 2008 2 - 21078 8998 145 11291 541938 146618 - - 126154 - - 14097 146715 31459 119798 2694 - 15418 56832 - 58468 90347 20639 2008 1 - 21078 8866 145 9547 546644 137890 - - 125079 - - 15491 163162 31189 126034 1951 - - 55332 - 59190 108339 21814 2007 4 - 21078 8737 145 9588 548035 165584 - - 121256 - - 10441 168764 26968 128467 619 - 12013 63726 - 76764 104092 21447 2007 3 - 24795 8459 145 11943 512615 170140 - - 107391 - - 29911 169067 33810 144309 3847 - 12010 63748 - 67380 106175 17851 2007 2 - 21078 - - 4557 442410 282188 1621 - 92020 - - 18039 150007 31471 172604 14446 - - 76322 - 58790 88513 2220
Financial Quarter Income Statement Open in New Window
year qrt Revenue Income tax expense Finance/interest costs Other income Administrative/Operating expenses Minority interest Share of profit/ (loss) of associates 2013 1 584575 11487 30 5477 519727 1404 88 2012 4 607229 1849 30 6062 546269 1759 129 2012 3 603295 8837 31 4831 544477 1036 65 2012 2 548991 14606 24 6318 486593 741 110 2012 1 554843 9136 28 4052 517234 1023 42 2011 4 541836 8267 77 8235 515176 784 267 2011 3 535363 8464 77 3919 504914 444 214 2011 2 485208 5535 51 3560 457573 530 331 2011 1 491509 8072 37 3089 450261 283 105 2010 4 541386 4069 63 6987 506165 1172 21 2010 3 555851 17944 101 3142 475736 896 168 2010 2 509895 21627 76 2658 417630 1732 962 2010 1 472300 20095 398 2106 387191 1340 174 2009 4 427346 23996 1471 2340 349117 1829 100 2009 3 371965 11959 2013 1276 316655 212 235 2009 2 346522 8712 2327 1428 300225 196 493 2009 1 386076 8783 2718 1540 341444 356 156 2008 4 364534 13378 2494 2439 326448 201 255 2008 3 356139 4969 2714 2753 326369 1054 199 2008 2 320775 3404 2419 1685 288526 1111 258 2008 1 336483 4773 2524 2096 301692 404 197 2007 4 307563 18703 3142 4707 277770 895 105 2007 3 301563 3843 3145 2004 270939 276 14 2007 2 311368 3693 3562 1252 279991 6 -
Financial Quarter Segments Revenue
year qrt Others Malaysia China Thailand 2013 1 28011 466237 31367 58960 2012 4 30304 492943 25417 58565 2012 3 30538 488031 21829 62897 2012 2 33501 448884 19705 46901 2012 1 26471 456531 13912 57929 2011 4 24004 449388 17223 51221 2011 3 22493 451254 14123 47493 2011 2 18406 405332 15430 46040 2011 1 24859 401295 14706 50649 2010 4 28951 432574 22351 57510 2010 3 30050 443881 22997 58923 2010 2 25123 415310 22254 47208 2010 1 21874 387790 19607 43029 2009 4 22631 343337 24726 36652 2009 3 17464 308570 15284 30647 2009 2 22281 265833 29658 28750 2009 1 19195 301718 34354 30809 2008 4 18445 271134 37256 33964 2008 3 16173 289214 22404 28348 2008 2 15964 255141 17657 32013 2008 1 18757 253142 19711 44873 2007 4 21455 233178 10683 42411 2007 3 15565 246435 6885 32678 2007 2 12059 242289 11614 45406
Financial Quarter Segments Profit
year qrt Others Malaysia China Thailand 2013 1 165 63306 323 6531 2012 4 1061 52249 783 12929 2012 3 668 50279 27 12675 2012 2 560 62152 779 6783 2012 1 976 27376 64 13373 2011 4 673 26338 1524 6280 2011 3 965 29759 701 4345 2011 2 349 26274 599 5171 2011 1 430 41311 3046 5642 2010 4 191 37676 3263 7604 2010 3 589 79387 3966 8425 2010 2 459 84031 398 10831 2010 1 293 75867 447 10608 2009 4 459 72594 1321 8195 2009 3 80 43287 2978 10241 2009 2 670 37361 2399 7295 2009 1 625 35713 2572 7262 2008 4 500 31713 2414 6864 2008 3 630 28149 1476 2268 2008 2 518 31254 1482 680 2008 1 479 34037 133 2238 2007 4 863 33216 4388 3017 2007 3 413 30254 1669 850 2007 2 594 34391 1890 148
Short form reference a_date = announcement date, yr = financial year end, qrt = quarterh_price = stock highest price during the quarter, l_price = stock lowest price during the quarterdiv = dividend recommend or declare in the quarter, roe = return on equityc_roe = cumulative of return on equity during the financial yearrev = revenue in the current quarter, c_rev = cumulative of revenue during the financial yearpbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial yeareps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial yearasset = total asset, liab = total liability, mino = minority interest, equi = total equitycfo = net cash flow from operating activities, cfi = net cash flow from investing activitiescff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial yearfinal = cash and cash equivalents as at current financial period endedshare = diluted/basic weighted average number of ordinary sharesc_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial yearm_cap = market capital at announcement date of quarterly report, date = current financial period ended dateprof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarternavps = net asset value per share, ntaps = net tangible asset per share, cps = cash per sharel_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratiog_de = gearing debt to equity ratio, g_da = gearing debt to assets ratioavg_w = working capital per thousand Ringgit saleinv_d = days to sell the inventory, rec_d = days to collect the receivablespay_d = days to pay the payablesCURRENT ● CHANGES IN SHAREHOLDING ● ANNUAL REPORTS HISTORICAL ● CHANGES IN SHAREHOLDING ARCHIVES ● CHANGES IN SHAREHOLDING 
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