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 [TOP GLOVE CORP BHD:将使集团的生产线总数再增加200条生产线,年产量增加204亿只手套,到2020年12月,Top Glove预计将拥有848条生产线,年产能为809亿只手套]

2Q19 vs 2Q18:
截至2QFY19,Top Glove实现销售收入11.6亿令吉,较2QFY18增长21%。这归因于销量增长16%的强劲增长,高于预计的全球每年约10%的需求,以及更高的平均销售价格。由于销量增加以及质量和运营效率的提高,集团的息税前利润同比也提高了14.2%。同时,税前利润为1.255亿令吉,较2QFY18增长0.8%,而税后利润为1.067亿令吉。由于减免税额津贴减少,所得税费用较高,继2018年3年特殊再投资补贴到期以及本季度提供递延所得税负债(与18财年相比,递延所得税负债仅在4QFY18提供)。

19财年上半年,Top Glove实现销售收入24.2亿令吉,较18财政年度上半年增长27.7%,而在半年内,已经占到18财年销售总收入的57.5%。强劲的数据归功于强劲的销售量,与上一财政年度相比增长了18%。由于销量增加和运营效率提高,集团的1HFY19息税前利润同比增长22.6%。税前利润和税后利润也分别比1HFY18增加8.4%和1.1%。天然橡胶胶乳的平均价格为3.62令吉/公斤,比18财年第二季度低17.7%,而丁腈乳胶的平均价格同比上涨1.9%至1.08美元/公斤。

2Q19 vs 1Q19:
与1QFY19相比,销量增长1%。同时,税前利润和税后利润也分别下降11.6%和4.5%,主要原因是竞争环境更加激烈,美元疲软。与19财年第1季度相比,原材料价格较低,平均天然橡胶胶乳和丁腈胶乳价格分别下跌4.2%至3.62令吉/公斤和14.3%至1.08美元/公斤。

前景:
Top Glove将继续扩大其业务,以满足全球手套需求的增长。这将使集团的生产线总数再增加200条生产线,年产量增加204亿只手套。到2020年12月,Top Glove预计将拥有848条生产线,年产能为809亿只手套。

于二零一九年三月一日,顶级手套成功完成可交换债券的发行,金额为2亿美元。债券的目的是还清现有借款,并在降低利息成本和改善现金流方面使公司受益。由于此项行动,顶级手套预计每年可节省约1,600万令吉现金及200万令吉的利息开支。

Top Glove将继续着手改善Aspion的运营,特别是在生产效率方面。 Top Glove还利用Aspion现有的能力和外科手套的良好声誉,进一步扩大其在该领域的市场份额。这将使Top Glove能够实现其现有产品系列的多样化,从而获得超越其他主要手套制造商的竞争优势。顶级手套对行业前景仍持乐观态度。手套是医疗领域的一个必不可少的项目,其需求已经证明相对能适应经济和政治的不确定性,并且每年的增长率将超过10%。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.32 in 3 months 12 days, total return is 65%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.22 in 8 months 27 days, total return is 53.5%

c) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.97 (dividend RM0.015) in 7 months 16 days, total return is 37.8%

d) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.26 in 3 months 5 days, total return is 30.6%

e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.73 in 2 months 8 days, total return is 27%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.26 (dividend RM0.0375) in 5 months 14 days, total return is 21.6%

g) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.62 (dividends RM0.02) in 5 months 27 days, total return is 14.7%

h) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.965 in 2 months 29 day, total return is 13.5%

i) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.17 in 2 months 8 days, total return is 12.5%

j) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.39 (dividend RM0.035) in 4 months 10 days, total return is 12.2%

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

【看懂年报和季报】课程
时间:11a.m. – 7p.m

日期:4月21日星期日
地点:G Inn Hotel, George Town (Penang)

日期:4月28日星期日
地点:Silka Johor Bahru Hotel, Johor Bahru (包括免费点心,茶和咖啡)

日期:5月26日星期日
地点:Hotel Sri Petaling, KL (包括免费3份点心,茶和咖啡)

有兴趣的朋友,可以电邮或PM FB page联络我
email:jamesngshare@gmail.com
电话/Whatsapp : 011 - 15852043

为了方便大家查询我写过的公司和选股文章以及视频,制作了索引。大家只要依照日期,就能从这
https://web.facebook.com/jamesshareinvest/posts/2224010674532341 找到公司和选股文章以及视频。

James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/

James的股票投资James Share Investing Blog Index: https://klse.i3investor.com/blogs/general/blidx.jsp

Facebook Group: https://www.facebook.com/groups/jamesinvesting

这个是我的TELEGRAM Group链接,大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw

这个分享纯属讨论以及领域的分析,买或卖自负。请Like和Share这个post。最终决定永远是你的,谢谢。

James Ng
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[TOP GLOVE CORP BHD: will boost the Group’s total number of production lines by an additional 200 lines and production capacity by 20.4 billion gloves per annum, by December 2020, Top Glove is projected to have 848 production lines and a production capacity of 80.9 billion gloves per annum]

2Q19 vs 2Q18:
For 2QFY19, Top Glove achieved Sales Revenue of RM1.16 billion, a 21% increase compared with 2QFY18. This was attributed to strong Sales Volume growth of 16% which is higher than the projected global demand of about 10% a year, as well as a higher average selling price. The Group’s EBIT (Earnings Before Interest and Tax) also improved by 14.2% year on year owing to the increase in quantity sold, as well as quality and operational efficiency enhancements. Meanwhile, Profit Before Tax came in at RM125.5 million, increased by 0.8% compared to 2QFY18, while Profit After Tax was RM106.7 million. Income tax expense was higher due to a reduction in tax allowance, following the expiry of the 3 years’ special reinvestment allowance in 2018 and the provision of deferred tax liabilities in the current quarter (as compared with FY18, where deferred tax liabilities were only provided for in 4QFY18).

For 1HFY19, Top Glove achieved Sales Revenue of RM2.42 billion, a 27.7% increase from 1HFY18 and which at the half year mark, already represents 57.5% of the total Sales Revenue for FY18. The strong numbers were attributed to robust Sales Volume, which was 18% higher compared with the previous financial year. The Group’s 1HFY19 EBIT also increased year on year, going up by 22.6%, owing to a higher Sales Volume and better operational efficiency. Profit Before Tax and Profit After Tax was also up by 8.4% and 1.1% respectively versus 1HFY18. The average price for natural rubber latex was RM3.62/kg, 17.7% lower than 2QFY18, while the average nitrile latex price surged 1.9% to USD1.08/kg, year on year.

2Q19 vs 1Q19:
Sales Volume increased by 1% compared with 1QFY19. Meanwhile, Profit Before Tax and Profit After Tax also eased by 11.6% and 4.5% respectively, which mainly due to more competitive environment and weakening of USD. Raw material prices were lower compared with 1QFY19, with average natural rubber latex and nitrile latex prices easing by 4.2% to RM3.62/kg, and 14.3% to USD1.08/kg respectively.

Prospects:
Top Glove will continue to expand its operations in line with the growing glove demand globally. These will boost the Group’s total number of production lines by an additional 200 lines and production capacity by 20.4 billion gloves per annum. By December 2020, Top Glove is projected to have 848 production lines and a production capacity of 80.9 billion gloves per annum.

On 1 March 2019, the Group successfully completed an issuance of Exchangeable Bonds in the amount of USD200 million. The purpose of the bonds was to retire existing borrowings and will benefit the company in terms of lower interest cost, as well as improve cash flow. As a result of this exercise, the Group expects to gain about RM16 million per annum in cash savings and RM2 million in interest expenses.

Top Glove will continue to embark on initiatives to improve the operations of Aspion, particularly in terms of production efficiency. Top Glove is also leveraging Aspion's existing capabilities and well established name in surgical gloves to further grow its market share in this segment. This will enable Top Glove to diversify its existing product range, thereby obtaining a competitive edge over other major glove manufacturers. The Group remains positive on industry outlook. Gloves are an essential item in the medical sector, the demand for which has proven to be relatively resilient to economic and political uncertainty and is set to grow at more than 10% a year.
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James Ng Stock Pick Performance:
Since Recommended Return:

a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.32 in 3 months 12 days, total return is 65%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.22 in 8 months 27 days, total return is 53.5%

c) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.97 (dividend RM0.015) in 7 months 16 days, total return is 37.8%

d) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.26 in 3 months 5 days, total return is 30.6%

e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.73 in 2 months 8 days, total return is 27%

f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.26 (dividend RM0.0375) in 5 months 14 days, total return is 21.6%

g) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.62 (dividends RM0.02) in 5 months 27 days, total return is 14.7%

h) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.965 in 2 months 29 day, total return is 13.5%

i) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.17 in 2 months 8 days, total return is 12.5%

j) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.39 (dividend RM0.035) in 4 months 10 days, total return is 12.2%

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/

In order to facilitate the query of the company and stock picking articles and videos I have written, an index has been produced. Everyone can find company and stock picking articles and videos from https://web.facebook.com/jamesshareinvest/posts/2224010674532341 by date.

James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/

James的股票投资James Share Investing Blog Index: https://klse.i3investor.com/blogs/general/blidx.jsp

Facebook Group: https://www.facebook.com/groups/jamesinvesting

This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng

https://klse.i3investor.com/blogs/general/200179.jsp
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