需求疲软 赚幅压缩 顶级手套(TOPGLOV,7113,主板医疗保健组)短期逆风难退
(图:美联社)
(吉隆坡6日讯)顶级手套(TOPGLOV,7113,主板医疗保健组)目前已经恢复美国禁令前约一半的美国发货量,该集团并预期手套售价按月跌幅将放缓至5%,但分析员认为,手套需求疲软,加上产能使用率降低和赚幅压缩,短期内逆风仍难消退。
丰隆研究在和顶级手套管理层线上会面后指出,随着美国海关与边境保护局(CBP)解除禁令,该集团已在9月杪恢复出口手套至美国市场。
顶级手套在美国的销售仍在逐渐复苏,但尚未达到禁令前的水平,因为在禁令期间,买家已转向其他手套制造商进货。
迄今为止,顶级手套已经恢复CBP禁令之前大约一半的美国发货量。
港上市扩大潜在投资者在香港上市计划方面,顶级手套计划发售至多7亿9350万股股票,可从中筹集至多22亿7000万令吉(假设每股售价2令吉86仙),主要用于扩大产能,涉及6间新厂。上市行动预计在2022年首季完成。
香港上市行动将对现有股东带来9.02%稀释效应。
丰隆对此上市持中和看法,因为该公司可取得更多资金和扩大潜在投资者,从而平衡稀释效应。
手套平均售价预料接下来月份继续滑落,但管理层预期按月只跌5%,而非之前预测的10%跌幅,因为手套价格已经跌至疫情前水平。目前丁腈(nitrile)手套价格大约每千只28至30美元,价格预料在2022年中正常化。
由于需求疲软,目前该集团的产能使用率降低至大约60%(疫情前:80-85%,疫情高峰期:95%)。
由于丁腈手套需求降低,原料价格预料从9月下跌37%至12月底每公斤1.28美元。而胶乳价格基本持平。基于手套平均售价的跌势快于原料价格(约2至3个月的滞后时间),预计赚幅将进一步压缩。
财测不变维持评级丰隆保持财测不变,以及维持“守住”评级,目标价2令吉80仙。该行认为,尽管手套平均售价接下来不会再急速下跌,但短期仍然面对逆风,业者需要齐心协力避免市场供过于求。
顶级手套将在本周五公布截至11月杪的首季业绩,今日闭市急跌24仙至2令吉57仙。
https://www.sinchew.com.my/20211207/%E9%9C%80%E6%B1%82%E7%96%B2%E8%BD%AF-%E8%B5%9A%E5%B9%85%E5%8E%8B%E7%BC%A9-%E9%A1%B6%E7%BA%A7%E6%89%8B%E5%A5%97%E7%9F%AD%E6%9C%9F%E9%80%86%E9%A3%8E%E9%9A%BE%E9%80%80/
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