[TOP GLOVE CORP BHD：COVID-19大流行的背景下，该集团非凡的业绩归功于销量的空前增长。每月销售订单增加了约180％，导致交货期延长，从40天增加到大约400天，因此现在下的订单只能在一年后交付]
3Q20 vs 3Q19:
Top Glove的季度销售收入创历史新高，达16.9亿令吉，较2019财年第三季度增长42％，税前利润（PBT）为4.22亿令吉，year-on-year增长413％的三位数。税后利润（PAT）同样令人印象深刻，为3.5亿令吉，year-on-year增长365％，占2019财年全年业绩的95％。同时，销量较2019财年第三季度增长了24％。
集团在2020年首9个月的销售收入为41亿令吉，较2019财年首9个月增长14％，而税前盈利则为6亿7780万令吉，year-on-year增长94％。税后利润为5.778亿令吉，比2019财年首九个月增加了97％，比2019年整个财政年度的净利润超出了57％。
由于丁腈手套产能的有机扩张，除了全球最大的天然橡胶手套和手术手套制造商以外，Top Glove还成为全球最大的丁腈手套制造商。 Aspion的能力也有助于Top Glove满足日益增长的需求。Aspion的销售收入为2.023亿令吉，比20财年第2季度高48％，而税后利润则比上一季度增长四倍，这是由于该集团致力于提高效率，质量和盈利能力的成果。同时，销量quarter-on-quarter增长45％。
在全球COVID-19大流行的背景下，该集团非凡的业绩归功于销量的空前增长。每月销售订单增加了约180％，导致交货期延长，从40天增加到大约400天，因此现在下的订单只能在一年后交付。但是，Top Glove努力将生产能力分配到尽可能多的国家，以确保其救生手套能够满足最需要的人的需求，同时也优先考虑其现有客户。它还满足了受重灾国家各个政府的要求，这些国家直接联系以采购手套。
继全球几乎每个国家的手套需求显着增长之后，集团的机器利用率从COVID之前的85％上升到2020财年第三季度的95％以上，从而提高了效率和规模经济。 2020财年第三季度投产的额外产能也使顶级手套能够满足需求增长，同时平均售价与现行市场价格一致地进行了上调。
截至2020年5月31日，Top Glove的财务状况显着改善，净现金状况为2亿7千900万令吉，与2020财年第二季度的净借款相比。这使集团能够为资本支出要求提供资金。为了兑现为股东带来价值的承诺，Top Glove宣布派发每股10仙的中期股息，总额约为2.62亿令吉，较2019财年的中期股息增加186％。股息将于2020年7月9日支付。
3Q20 vs 2Q20：
集团的销售收入为16.9亿令吉，增长37％，销量（已售数量）与2020财年第二季度相比增长25％。同时，税前盈利和税后盈利分别大涨224％至4.22亿令吉和202％至3.5亿令吉。
前景：
Top Glove将继续扩大其能力，以确保其有条件满足全球手套需求，从COVID之前的每年增长8％到10％，再到POST-COVID之后的每年12％到15％ ，在医疗和非医疗领域的使用增加以及对卫生的意识增强的背景下。为此，Top Glove已拨出30亿令吉用于CAPEX，以建设450条新生产线，从CY2020到CY2026的新产能达到600亿只。
位于Banting 42号工厂的顶级手套创新中心（TGIC）是集团新的卓越制造和研究中心。它是一家智能的数字化制造工厂，利用工业4.0技术，大数据分析来实现最佳生产率和流程效率，从而减少了日常和重复性任务对体力劳动的依赖。这是向工业4.0的关键转变，它将集团的工厂连接在一起，所有未来的工厂都将以此为蓝本。 TGIC的第一阶段预计将于CY2022的第二季度完成。展望未来，在强劲的需求增长，高利用率和即将投产的额外产能以及对创新，技术，质量和成本效率的持续关注的推动下，Top Glove预计未来季度将非常强劲。
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James Ng Stock Pick Performance:
Since Recommended Return:
a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.54 (dividend RM0.04) in 1 year 9 months 30 days, total return is 260.8%
b) TOPGLOV (TOP GLOVE CORP BHD), recommended on 1 July 18, initial price was RM12.14, rose to RM33.40 (adjusted)(dividend RM0.32) in 1 Year 11 months 10 days, total return is 177.8%
c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.78 (adjusted)(dividend RM0.055) in 1 Year 9 days, total return is 129.6%
d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.75 (dividend RM0.04) in 1 year 11 months 10 days, total return is 125.2%
e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.95 in 1 year 4 months 22 days, total return is 65.2%
f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.39 (dividend RM0.148) in 1 Year 8 months 4 days, total return is 59.6%
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[TOP GLOVE CORP BHD: extraordinary performance was attributed to unparalleled growth in Sales Volume, on the back of the global COVID-19 pandemic. Monthly sales orders went up by some 180%, resulting in long lead times, which went up from 40 days to around 400 days, whereby orders placed now would only be delivered over a year later]
3Q20 vs 3Q19:
Top Glove attained the highest ever quarterly Sales Revenue of RM1.69 billion, representing an increase of 42% compared with 3QFY2019 and Profit Before Tax (PBT) of RM422 million, a triple-digit gain of 413% year-on-year. Profit After Tax (PAT) was equally impressive at RM350 million, increased by 365% year-on-year, made up 95% of FY2019’s full year results. Meanwhile, Sales Volume grew by 24% versus 3QFY2019.
The Group's 9MFY2020 Sales Revenue was RM4.1 billion, a 14% increased from 9MFY2019, while Profit Before Tax was RM677.8 million, 94% higher year-on-year. Profit After Tax was RM577.8 million, increased 97% compared with 9MFY2019, which had exceeded the net profits for the full financial year 2019 by 57%.
As a result of the aggressive organic expansion in nitrile glove capacity, Top Glove also emerged its position as the world’s largest manufacturer of nitrile gloves, in addition to being the world’s largest manufacturer of natural rubber gloves and surgical gloves. Aspion’s capacity was also instrumental in enabling Top Glove to meet the intensified demand. Accordingly, Sales Revenue for Aspion was RM202.3 million, 48% higher than 2QFY20 while Profit After Tax grew four times compared with the previous quarter, as the Group’s concentrated efforts to improve its efficiency, quality and profitability bore fruit. Meanwhile, Sales Volume grew 45% quarter-on-quarter.
The Group's extraordinary performance was attributed to unparalleled growth in Sales Volume, on the back of the global COVID-19 pandemic. Monthly sales orders went up by some 180%, resulting in long lead times, which went up from 40 days to around 400 days, whereby orders placed now would only be delivered over a year later. However, Top Glove has endeavoured to allocate capacity to as many countries as possible, to ensure its life-saving gloves reach those most in need, while also prioritising its existing customers. It also accommodated requests from various governments of hard-hit countries who approached the Group directly to procure gloves.
Following the marked increase in glove demand from virtually every country in the world, the Group’s utilisation rate rose from a pre-COVID level of 85% to above 95% in 3QFY2020, resulting in greater efficiency and economies of scale. Additional capacity which came onstream in 3QFY2020 also enabled the Group to meet demand growth, while upward revisions in average selling prices in line with prevailing market prices were also effected.
As at 31 May 2020, Top Glove’s financial position improved significantly, with a net cash position of RM279 million compared with net borrowings in 2QFY2020. This has enabled the Group to fund CAPEX requirements. In keeping with its commitment to deliver shareholders value, Top Glove declared an interim dividend of 10 sen per share, amounting to approximately RM262 million, which is a 186% increase from FY2019 interim dividend. The dividend is payable on 9 July 2020.
3Q20 vs 2Q20:
The Group’s Sales Revenue of RM1.69 billion, up by 37%, with growth in Sales Volume (Quantity Sold) of 25% versus 2QFY2020. Meanwhile, Profit Before Tax and Profit After Tax surged by 224% to RM422 million and 202% to RM350 million respectively.
Prospects:
Top Glove will continue to expand its capacity to ensure it is well-positioned to fulfil global glove demand, which is expected to grow from a pre-COVID level of 8% to 10% per annum, to 12% to 15% per annum post-COVID, on the back of increased usage in both the medical and non-medical sectors, as well as heightened hygiene awareness. To this end, Top Glove has earmarked RM3 billion for CAPEX to build 450 new lines, creating new capacity of 60 billion pieces of gloves from CY2020 to CY2026.
The Top Glove Innovation Complex (TGIC) at Factory 42 in Banting, is the Group’s new manufacturing and research centre of excellence facility. A smart and digitalised manufacturing plant, it leverages Industry 4.0 technology, big data analytics for optimum productivity and process efficiency, towards reducing dependency on manual labour for routine and repetitive tasks. It represents a pivotal shift to Industry 4.0 connecting the Group’s factories together, which all future factories will be modelled after. Phase 1 of the TGIC is expected to be completed by 2nd quarter of CY2022. Going forward, Top Glove envisions extremely robust quarters ahead, driven by strong demand growth, high utilisation and additional capacity coming onstream, coupled with a continued focus on innovation, technology, quality and cost efficiency.
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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.
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James Ng
https://klse.i3investor.com/blogs/general/2020-06-12-story-h1508756225.jsp
