[TOP GLOVE CORP BHD：F41工厂是集团在越南的第一家工厂，预计将于2020年10月投入生产，其10条生产线的初始生产能力约为24亿只手套。集团将在2021财年至2026财年的未来6年拨出80亿令吉的资本开支，这将为他们提供1000亿只额外的手套产能]
截至4QFY20，Top Glove取得了史上最高的季度销售收入31亿1千万令吉，较4QFY2019增长161％。税前盈利和税后利润分别激增2,095％至16.2亿令吉和1,692％至13.3亿令吉。同时，销量较2019财年第四季度增长了43％。
公司在2020财年取得令人瞩目的业绩。2020财年的销售收入达72.4亿令吉，比2019财年增长51％，而税前盈利（PBT）和税后利润也飙升至23亿令吉和19亿令吉，分别比上一个财政年度增长443％和417％。与2019财年相比，销量也增长了17％。
巨大的增长源于在COVID-19大流行之后全球对手套的需求激增。 2020年第四季度，亚洲，西欧和东欧的需求增长尤其强劲，与19年第四季度相比分别增长了110％，73％和64％。最强劲的是对丁腈手套的需求，year-on-year增长31％，而天然橡胶检查手套的需求也比19财年同期增长了7％。反映市场需求，平均销售价格（ASP）也进行了上调。
集团的利润提高还归功于生产力的提高，并且会继续提高生产率，而集团的利用率一直保持在接近100％的水平，从而提高了生产效率并获得了规模经济效益。高利用率极大地降低了间接费用，尤其是劳动力和天然气的成本。
随着集团开始收获其收购的成果，Aspion取得了令人瞩目的业绩，税前盈利为1.399亿令吉。提供的额外产能还有助于“顶级手套”满足手套需求的增长。丁腈乳胶价格从1.13美元/千克下降13.3％至0.98美元/千克。
在集团表现出色后，为奖励其57,000名公众股东，董事会建议派发每股8.5仙的末期股息，派息总额约为6.918亿令吉。这使2020财年的总派息达到每股11.8仙，总计约9亿6120万令吉。总股息为11.8仙，较2019财年增加9.3仙或373％，这是51％的净利润派发率。
出色的业绩产生了可观的现金流量，使顶级手套降低了借款，从而节省了33％的利息成本。在2020财年，营运活动产生的净现金流量为31.7亿令吉，相比2019财年的5.3亿令吉，增长了500％。这大大加强了集团的财务状况，使集团能够在年内完全偿还其6.54亿令吉的银团贷款。截至2020年8月31日，集团的净现金为23.4亿令吉，从而可为持续的有机资本开支，股息支付，未来的并购以及收购土地储备以扩展业务提供资金。
QoQ：
2020财年第四季，集团的销售收入为31亿1千万令吉，增长84％，与2020财年第3季相比，销量（售出数量）增长5％。同时，税前利润和税后利润分别增长了285％至16.2亿令吉和279％至13.3亿令吉。
前景：
Top Glove将继续扩大其产能，以确保其有条件满足全球手套需求，预计该需求将从每年约10％的COVID前水平增加到每年约15％的COVID后水平，因医疗和非医疗领域使用量的增加以及对卫生意识的增强。值得注意的是，F41工厂是集团在越南的第一家工厂，预计将于2020年10月投入生产，其10条生产线的初始生产能力约为24亿只手套。集团将在2021财年至2026财年的未来6年拨出80亿令吉的资本开支，这将为他们提供1000亿只额外的手套产能。
在目前的商业环境下，并购机会也可能会出现，从而使顶级手套不仅可以进行有机扩张，还可以通过无机途径更快地扩张。就市值而言，Top Glove保持其在大马交易所第二大公司和新交所第九大公司的地位，截至2020年9月15日的市值为686亿令吉和226亿新元。
它仍然是MSCI全球标准指数，富时大马隆综合指数和道琼斯可持续发展指数（DJSI）新兴市场的成分股。该公司继续积极与美国海关边境和保护局合作，以加快废除Withhold Release Order (WRO)，并为此取得了良好进展。
公司和手套行业的前景仍然非常乐观。借助COVID-19，Top Glove估计，到2020年，手套的需求将以每年20％的速度增长，到2021年将增长25％，在COVID后将增长15％。来自全球195个发达国家和发展中国家的销售订单持续增长，加上产能的快速增长和技术的显着提高，大大推动了生产力的提高，这将对集团的未来取得良好的业绩。
尽管有几种有前途的疫苗即将上市的消息，但手套的需求仍处于超常水平，因为即使有疫苗也仍然需要手套。集团的月度订单量比COVID之前的天数增长了约150％，而交货时间（交付）从约40天增加到目前的约400天。异常强劲的需求加上较高的平均销售价格预示着集团未来几个季度的业绩将是不错的。集团空前的业绩突显了持续进行的以技术为驱动力的改进计划的有效性，该计划侧重于质量和成本效率，这使顶级手套能够满足手套需求的增长。
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James Ng Stock Pick Performance:
Since Recommended Return:
a. FRONTKEN CORP BHD, recommended on 12 Aug 18, initial price was RM0.715, rose to RM3.41, dividend RM0.052, in 2 years 1 month 5 days, total return is 384.2%
b. TOP GLOVE CORP BHD, recommended on 1 July 18, initial price was RM12.14, rose to RM46.74 adjusted, dividend RM0.52, in 2 Years 2 months 16 days, total return is 289.3%
c. MI TECHNOVATION BERHAD, recommended on 2 Jun 19, initial price was RM1.67, rose to RM6.05 adjusted, dividend RM0.055, in 1 Year 3 months 15 days, total return is 265.6%
d. CHIN HIN GROUP BHD, recommended on 2 Feb 20, initial price was RM0.57, rose to RM1.39, dividend RM0.01, in 7 months 15 days, total return is 145.6%
e. OPENSYS M BHD, recommended on 24 May 20, initial price was RM0.355, rose to RM0.865, dividend RM0.005, in 3 months 24 days, total return is 145.1%
f. INTA BINA GROUP BHD, recommended on 26 Apr 20, initial price was RM0.19, rose to RM0.37, in 4 months 22 days, total return is 94.7%
g. KAREX BHD, recommended on 20 Oct 19, initial price was RM0.445, rose to RM0.76, dividend RM0.015, in 10 months 28 days, total return is 74.2%
h. PROLEXUS BHD, recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.67, dividend RM0.003, in 1 Year 23 days, total return is 47.9%
i. DESTINI BHD, recommended on 24 Sep 19, initial price was RM0.20, rose to RM0.29, in 11 months 24 days, total return is 45%
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超过14％
我想说服读者学习基本面分析FA以便能从股市赚钱。
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James Ng
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[TOP GLOVE CORP BHD: Factory F41 which is the Group’s first factory in Vietnam, is expected to come onstream in October 2020, the initial production capacity for which is approximately 2.4 billion pieces of gloves from its 10 production lines. The Group has earmarked RM8 billion for CAPEX over the next 6 years from FY2021 to 2026, which will provide them with additional capacity of 100 billion pieces of gloves]
For the quarter ended 4QFY20, Top Glove attained the highest ever quarterly Sales Revenue of RM3.11 billion, representing an increase of 161% compared with 4QFY2019. Profit Before Tax and Profit After Tax surged by 2,095% to RM1.62 billion and 1,692% to RM1.33 billion respectively. Meanwhile, Sales Volume grew by 43% versus 4QFY2019.
The Company delivered an impressive results for its full financial year 2020. Sales Revenue for FY2020 amounted to RM7.24 billion, up 51% from that of FY2019, while Profit Before Tax (PBT) and Profit After Tax also soared to RM2.30 billion and RM1.90 billion, up 443% and 417% from the previous financial year. Sales Volume also grew by 17% versus FY2019.
The tremendous growth stemmed from a global surge in demand for gloves on the back of the COVID-19 pandemic. 4QFY2020 demand growth was especially strong in Asia, Western Europe and Eastern Europe rising by 110%, 73% and 64% respectively compared with 4QFY19. Most robust was demand for nitrile gloves which grew by 31% year-on-year, while natural rubber examination gloves also saw growth of 7% versus the corresponding period in FY19. Reflecting market demand, average selling prices (ASPs) were also adjusted upwards.
The Group’s improved profit was also attributed to productivity enhancements which it continued to embark on, while the Group’s utilisation levels which remained at close to 100% amplified production efficiency and reaped superior economies of scale. High utilisation helped lower overheads significantly, notably the cost of labour and natural gas.
Further contributing to the phenomenal results was Aspion with a Profit Before Tax of RM139.9 million, as the Group started to reap the fruits of its acquisition. The additional capacity provided also helped position Top Glove to meet the upturn in glove demand. Nitrile latex price decreased 13.3% from USD1.13/kg to USD0.98/kg.
To reward its 57,000 public shareholders following the Group’s remarkable performance, the Board recommended a final dividend of 8.5 sen per share, amounting to a payout of approximately RM691.8 million. This brings the total FY2020 dividend payout to 11.8 sen per share, amounting to a total payout of approximately RM961.2 million. The total dividend of 11.8 sen represents an increase of 9.3 sen or 373% over FY2019, which is a net profit payout ratio of 51%.
The healthy cash flow generated by the excellent performance enabled the Group to lower borrowings, which led to a 33% savings in terms of interest cost. Over the course of FY2020, the net cash flow generated from operating activities was RM3.17 billion compared with RM0.53 billion in FY2019, an impressive increase of 500%. This has considerably strengthened the Group’s financial position, which enabled the Group to fully settle its syndicated loan of RM654 million during the year. As at 31 August 2020, the Group was in a net cash position of RM2.34 billion, in turn allowing the funding of ongoing organic capital expenditure, dividend payment, future M&As as well as the acquisition of land bank for business expansion.
QoQ:
For the 4QFY2020, the Group’s Sales Revenue was RM3.11 billion, up by 84%, with growth in Sales Volume (Quantity Sold) of 5% versus 3QFY2020. Meanwhile, Profit Before Tax and Profit After Tax surged by 285% to RM1.62 billion and 279% to RM1.33 billion 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 about 10% per annum, to about 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. Notably, Factory F41 which is the Group’s first factory in Vietnam, is expected to come onstream in October 2020, the initial production capacity for which is approximately 2.4 billion pieces of gloves from its 10 production lines. The Group has earmarked RM8 billion for CAPEX over the next 6 years from FY2021 to 2026, which will provide them with additional capacity of 100 billion pieces of gloves.
Given the present business climate, increased M&A opportunities are also likely to present themselves, thus enabling the Group to expand faster via the inorganic route, in addition to the organic expansion being pursued. In term of market capitalisation, Top Glove secured its position as the 2nd largest company on Bursa Malaysia and the 9th largest company on SGX, with a market capitalisation of RM68.6 billion and SGD22.6 billion as at 15 September 2020.
It also remains a member of the MSCI Global Standard Index, FTSE Bursa Malaysia KLCI Index and Dow Jones Sustainability Indices (DJSI) for Emerging Markets. The company continues to actively engage with the U.S. Customs Border and Protection towards the expeditious upliftment of the Withhold Release Order (WRO), for which it is making good progress.
The outlook for the company and glove industry remains very promising. With COVID-19, Top Glove estimates that glove demand will grow by 20% per annum in 2020, 25% in 2021 and 15% post-COVID. The continuous increase in sales orders from 195 developed and developing countries across the world, coupled with rapid growth in capacity and significant improvements in productivity through technology augurs well for the Group’s results going forward.
Notwithstanding news of several promising vaccines in the pipeline, glove demand remains at a supernormal level, as gloves will still be required even when a vaccine becomes available. The Group’s monthly order book has seen a significant rise of about 150% from pre-COVID days while lead time (delivery) has gone up from about 40 days to as much as about 400 days presently. The exceptionally strong demand coupled with higher ASPs bodes well for the Group’s results in the coming quarters. The Group unprecedented performance underlines the effectiveness of ongoing technology-driven improvement initiatives, which focus on quality and cost efficiency, which have enabled the Group to meet the increase in glove demand.
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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 over 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.
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/2020-09-18-story-h1513554529.jsp
