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Investing.com - CLSA downgraded Top Glove Corp Bhd (TOPG:MK) from Outperform to Hold and reduced its price target to RM0.70 from RM1.05, citing ongoing pricing competition in non-US markets.
The downgrade follows Top Glove’s 9MFY25 core profit of RM39m, which fell below expectations primarily due to lower-than-expected average selling prices despite easing input costs and gradual recovery in US volumes.
CLSA analyst Zhen Ye Khoo noted that earnings recovery would likely be hampered by continued pricing competition, compounded by upcoming supply of Chinese gloves from ASEAN countries.
The research firm cut its FY25-27 earnings per share estimates by 5-25% and lowered its target price based on a reduced target PE of 30x FY26CL.
CLSA believes Top Glove’s earnings turnaround has already been priced into the stock, limiting potential upside from current levels.
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