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KUALA LUMPUR (April 13): Rubber glove manufacturers were among the top gainers on Bursa Malaysia this morning, with shares in Top Glove Corp Bhd and Hartalega Holdings Bhd reaching their respective all-time highs as demand for rubber gloves continues to advance worldwide amid the Covid-19 pandemic.

Shares in Top Glove gained as much as 5.08% this morning to RM6.83. At 9:50am, the counter was the second top gainer on the local bourse, rising 4.46% or 29 sen to RM6.79, valuing it at some RM17.41 billion.

Top Glove has appreciated by 30.78% on a year-to-date (YTD) basis and, according to AbsolutelyStocks data, has a trailing 12 months price-to-earnings ratio (TTM PE) of 43.63 times.

Hartalega shares were up as much as 1.61% this morning to a record high of RM7.59, with the counter now trading 0.94% or seven sen higher at RM7.54. On a YTD basis, shares in Hartalega have risen 37.59%, with the counter having a TTM PE of 61.56 times.

Meanwhile, Kossan Rubber Industries Bhd and Supermax Corp Bhd were also among the top gainers on the stock exchange today.

Kossan rose 1.73% or nine sen to RM5.29, giving it a market capitalisation of RM6.77 billion. It was the fourth top gainer on Bursa Malaysia.

Shares in Kossan have gained some 26.92% YTD while carrying a TTM PE of 29.59 times.

Supermax shares — the seventh-highest gainer on the local bourse today — rose 4.73% or eight sen to RM1.77, valuing the company at some RM2.39 billion.

YTD, the counter has risen 25.9% while holding a TTM PE of 21.33 times.

In a note April 10 on Supermax, CGS-CIMB noted that the Malaysia Rubber Glove Manufacturers Association viewed that global demand for rubber gloves could reach 345 billion pieces in 2020, from the 298 billion pieces last year.

“This indicates a growth of 15.8% y-o-y in 2020, vs. average annual growth of 6-8% in the past 10 years,” the research house noted.

Glove makers across the board have seen a surge in demand from both developed and developing countries alike to combat the spread of Covid-19.

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http://www.theedgemarkets.com/article/top-glove-hartalega-reach-record-highs-global-demand-rubber-gloves-amid-covid19-pandemic

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