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buy apple account:Quick take: Vaccine roll out, downgrade send glove makers down


KUALA LUMPUR: Shares of glove makers fell in Monday morning trade following a downgrade by a foreign research house which expects glove makers’ prices to weaken next year as vaccines for Covid-19 are rolled out and other competitors boost output. Hartalega shed 4.52%, or 62 sen to RM13.10, Top Glove eased 4.78%, or 33 sen to RM6.55, Supermax declined 4.37%, or 33 sen to RM4.23 and Kossan fell 6.31%, or 34 sen to RM5.05. Comfort Gloves fell 4.53%, or 16 sen to RM3.37 while Careplus Group shed 5.45%, or 14 sen to RM2.43. The U.S. Food and Drug Administration authorised the vaccine from Pfizer and German partner BioNTech SE on Friday. Meanwhile, JP Morgan Asia Pacific Equity Research said as the world draws closer to Covid-19 vaccine availability, it expects glove prices to weaken in 2H21. “Near-term concerns on rising costs, plus long-term overcapacity risk, spell downside risks. “We initiate coverage of Top Glove (RM3.50), Hartalega (PT RM8.50) and Kossan Rubber (PT RM3.80) with underweight ratings, ” it said. As for Top Glove, the world’s largest rubber glove manufacturer, JP Morgan said aggressive Covid-19 testing in developed nations has accelerated demand for gloves, causing supply tightness. However, with testing starting to peak and more capacity coming on board, we expect demand to decelerate, thus easing the near-term supply shortage. “We thus expect glove prices to reach a peak by 1H CY21 and start to normalise thereafter. As a result, post Covid-19 profit and fair value too will normalize. As of 4QFY20, Top Glove’s cash balance is equivalent to 45% of its shareholders’ equity. “Despite the strong cash flow generation, dividend payout is maintained at 50% but it plans to increase its capex by four times against its historical average, ” it said. JP Morgan explained that it has a December 2021 PT of RM3.50 with an underweight rating. “Our price target is based on 18 times P/E on FY22E EPS. We referred to the 2015- 2019 period to derive our glove sector average target P/E of 18 times as Malaysian glove producers experienced volume-led profit growth during that period, similar to post Covid-19 growth drivers, ” it said. Locally, Prime Minister Tan Sri Muhyiddin Yassin said the government planned to increase its purchase of the Covid-19 vaccine to cover the immunisation needs of about 60%-70% of Malaysians compared to 30% currently. He said this was because some nations had already bought doses of the vaccine exceeding their population. In late November, Muhyiddin said the government had started rolling out a RM3bil plan to gain enough Covid-19 vaccines to immunise 6.4 million people in Malaysia as soon the vaccine has been proven safe enough to be used.

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