TOPGLOV (7113) 顶级手套 - [TOP GLOVE CORP BHD:F32(第1和第2阶段分别在2019年年初和年底完成),F33(将于2019年初完成)和F5A(将于2019年底完成),泰国工厂F8A计划将于2020年初投入运营] - James的股票投资James Share Investing

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 [TOP GLOVE CORP BHD:F32(第1和第2阶段分别在2019年年初和年底完成),F33(将于2019年初完成)和F5A(将于2019年底完成),泰国工厂F8A计划将于2020年初投入运营]

2018财年,Top Glove实现了创纪录的销售收入42.1亿令吉,超过了40亿令吉的门槛,比2017财年增长了23.6%。税前利润也达到5.227亿令吉的历史最高水平,与2017财年相比增长36.4%,而销售量达到顶峰,同比增长26%。

Top Glove还为4QFY18带来了值得称道的表现。它实现了12.2亿令吉的销售收入,这是集团在一个季度内实现的最高销售收入,同比增长34.9%。税前利润为1.42亿令吉,较2017财年第4季度增长43.3%。与此同时,销量与2017财年第四季度相比增长了27%。由于2017财年第4季度的所得税准备金较低,2017财年的税收优惠仅在2017财年第4季度被采纳,因此税后利润增长较小。

然而,对于2018财年,税收激励措施在4个季度内被采纳。顶级手套的良好业绩归功于其不断追求内部改善。特别是,先进技术的应用使质量和效率得到显着提高,同时也有助于减少人力需求。此外,强劲的需求增长也是销售收入增加的原因,机器利用率的提高也带来了更好的税前利润(PBT)以及2018财年的EBITDA和利润率。

2018财年的原材料价格涨跌互现。天然橡胶胶乳价格平均为每公斤4.51令吉,较2017财年下降21.7%,而丁腈乳胶平均价格为每公斤1.13美元,较上一财政年度上涨2.7%。由于顶级手套利用Aspion的技术和外科手套专业知识,在利用其自身广泛的客户群,制造和采购能力的同时,相信Aspion对扩大后的集团的贡献将得到进一步提升。

集团实现销售收入12.2亿令吉,季度环比增长10.6%。税前利润也高达1.42亿令吉,较2018财年第3季度增长5.8%。与此同时,与2018财年第3季度相比,销量增长了6%。表现的提升归功于更高的手套销量,生产效率和质量的提高,以及新的生产能力和强劲的需求增长。平均天然橡胶价格下跌2.7%,而丁腈胶乳平均价格呈上升趋势,上涨13.9%。

前景:
为了确保其能够满足全球对手套的强劲需求并实现其雄心勃勃的Fortune Global 500梦想,Top Glove将继续追求战略扩张。正在进行的是现有几个设施的扩建:F32(第1和第2阶段分别在2019年年初和年底完成),F33(将于2019年初完成)和F5A(将于2019年底完成)。与此同时,其最新的泰国工厂F8A计划将于2020年初投入运营。这将使集团的生产线总数增加98条生产线,年产量达到98亿只。到2020年,Top Glove预计将拥有746条生产线,年产量为691亿手套。Top Glove还希望将业务扩展到越南,并已签订协议,为工厂收购一块土地,预计将在未来两年内开始运营。

为了支持其雄心勃勃的增长议程,Top Glove还将继续通过兼并和收购以及相关行业的新创业来探索扩张的机会,以便更快,更有效地发展。顶级手套亦建议根据于2018年10月10日举行的股东特别大会上批准的每股现有Top Glove股份配1股红股,在Top Glove Corporation Bhd发行1,280,229,124股新普通股红股。股东特别大会还批准了一项发行担保可交换债券以筹集资金以偿还银行借款的提案,以及对公司章程的修订以促进红利股份的发行。

董事会强调顶级手套提高股东价值的承诺,建议派发每股10仙的末期股息(发行红股前),并须于2019年1月召开的股东周年大会上获得股东批准。这将使2018财年的派息总额达到17仙每股,比2017财年增加2.5仙或17%,净利润支付率为50%。鉴于全球手套需求稳定,每年增长约10%,Top Glove仍对未来前景保持高度乐观态度。
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James Ng Stock Pick Performance:
Since Recommended Return:

1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.875 in 1 month 28 day, total return is 22.4%

2) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.44 in 3 months 2 day, total return is 12.4%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.86 in 3 months 9 day, total return is 8.2%

我希望将我的策略分享给读者,希望他们在阅读后能够表现出色。我正在使用基本面分析(Fundamental Analysis):

预计公司每年的增长率必须> 14%

我想说服读者学习基本面分析FA以便能从股市赚钱。

我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人,可以通过 jamesngshare@gmail.com 或我的FB页面 https://web.facebook.com/jamesshareinvest/ 与我联系

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James Ng
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[TOP GLOVE CORP BHD: F32 (Phases 1 & 2 to be completed early and end 2019 respectively), F33 (to be completed early 2019) and F5A (to be completed end 2019), newest factory F8A in Thailand, is scheduled to be operational early 2020]

For FY2018, Top Glove achieved record-breaking Sales Revenue of RM4.21 billion, surpassing the RM4 billion threshold and representing a 23.6% growth from FY2017. Profit Before Tax was also at an all-time high of RM522.7 million, an exceptional increase of 36.4% compared with FY2017, while Sales Volume (quantity sold) reached its peak, surging 26% year-on-year.

Top Glove also delivered a commendable performance for 4QFY18. It achieved Sales Revenue of RM1.22 billion, the Group’s highest ever Sales Revenue attained within a single quarter, a 34.9% increase year-on-year. Profit Before Tax came in at RM142 million, an improvement of 43.3% compared with 4QFY17. Meanwhile, Sales Volume (quantity sold) grew an exceptionally high 27% versus 4QFY17. A smaller growth in Profit After Tax was recorded as the income tax provision in 4QFY17 was lower, with FY2017 tax incentives being taken up only in 4QFY17.

However, for FY2018, tax incentives were taken up over the 4 quarters. The Group’s favourable results were attributed to its continuous pursuit of internal improvements. In particular, the application of advanced technology enabled quality and efficiency to be improved considerably, whilst also contributing to a reduction in manpower requirements. Additionally, the strong demand growth also accounted for the higher Sales Revenue, with the resulting higher utilization rate also leading to better Profit Before Tax (PBT) as well as EBITDA and margins for FY2018.

Raw material prices for FY2018 were mixed. Natural rubber latex prices averaged at RM4.51/kg, down 21.7% against FY2017, while the average nitrile latex price was USD1.13/kg, up 2.7% compared with the previous financial year. As the Group leverages Aspion’s technology and surgical glove expertise, while tapping on its own extensive customer base, manufacturing and procurement capabilities, it is confident that Aspion’s contribution towards the enlarged Group will be enhanced moving forward.

The Group achieved Sales Revenue of RM1.22 billion, a 10.6% increase quarter-on-quarter. Profit Before Tax also registered higher at RM142 million, representing an improvement of 5.8% compared with 3QFY18. Meanwhile, sales volume grew 6% versus 3QFY18. The improved performance was attributed to improvements in higher gloves volume sold, production efficiency and quality, coupled with new capacity coming onstream and strong demand growth. The average natural rubber latex price eased 2.7%, while the average nitrile latex price was on the uptrend, increasing by 13.9%.

Prospects:
To ensure it is well-positioned to meet the robust global demand for gloves and achieve its ambitious Fortune Global 500 dream, Top Glove will continue to pursue strategic expansion. In progress is the expansion of several existing facilities: F32 (Phases 1 & 2 to be completed early and end 2019 respectively), F33 (to be completed early 2019) and F5A (to be completed end 2019). Meanwhile, its newest factory F8A in Thailand, is scheduled to be operational early 2020. These will boost the Group’s total number of production lines by an additional 98 lines and production capacity by 9.8 billion gloves per annum. By 2020, Top Glove is projected to have 746 production lines and a production capacity of 69.1 billion gloves per annum. Top Glove is also looking to expand its operations to Vietnam and has entered into an agreement to acquire a piece of land for a factory which is expected to commence operations within the next 2 years.

In support of its ambitious growth agenda, Top Glove will also continue to explore inorganic expansion via mergers and acquisitions, as well as new set-ups in related industries in order to grow faster and more efficiently. The Group also proposed to undertake a bonus issue of 1,280,229,124 new ordinary shares in Top Glove Corporation Bhd on the basis of 1 bonus share for every existing Top Glove share held on the entitlement date, which was approved at EGM held on 10 October 2018. The said EGM also approved a proposal to issue guaranteed exchangeable bonds to raise funds for the repayment of bank borrowings, as well as amendments to the Company’s Constitution to facilitate the issuance of bonus shares for the bonus issue.

Underscoring the Group’s commitment to enhance shareholder value, the Board recommended a final dividend of 10 sen per share (before bonus issue), subject to shareholders’ approval at the upcoming AGM in January 2019. This would bring the total FY2018 dividend payout to 17 sen per share, an increase of 2.5 sen or 17% over FY2017, representing a net profit payout ratio of 50%. Top Glove remains highly optimistic of prospects moving forward, given the steady global glove demand which is set to grow at about 10% yearly.
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James Ng Stock Pick Performance:
Since Recommended Return:

1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.875 in 1 month 28 day, total return is 22.4%

2) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.44 in 3 months 2 day, total return is 12.4%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.86 in 3 months 9 day, total return is 8.2%

I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

the forecasted growth of a company must > 14% per year

I wish to convince readers to learn FA in order to make money from stock market.

I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page https://web.facebook.com/jamesshareinvest/



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