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 [TOP GLOVE CORP BHD:生产线总数将增加178条,每年的生产能力将增加213亿只手套,表示未来两年的生产能力将增长30.4%;到2021年12月,顶级手套预计将拥有861条生产线,每年的手套生产能力为914亿只]

由于较低的平均售价(ASP)和较低的平均原材料价格,该集团20财年第1季度的销售收入为12.1亿令吉,比19财年第1季度减少4.2%,但销量增加0.2%,税后利润year on year增长0.1%至1.118亿令吉。

丁腈手套业务继续保持良好的业绩,实现强劲的销售量增长20%,对集团利润的贡献也大大提高。持续的技术进步以及自动化和数字化举措带来了更高的效率和更好的质量控制,这也带来了利润的提高。因此,顶级手套能够提高销售和盈利能力。同时,由于正在进行的有机扩张而增加的丁腈产能使集团能够进一步增长销售额,迎合更大的客户,并在美国,西欧和日本获得更大的市场份额。

顶级手套有信心,由于生活水平提高,医疗保健意识增强,发展中国家对天然橡胶手套的需求将继续增长。乳胶平均价格为4.13令吉/公斤,比19财年第一季度上涨8.7%,而丁腈乳胶平均价格为1.06美元/公斤,year on year下降14.5%。

QoQ:
集团在20财年第1季度的销售收入为12.1亿令吉,比上一季度增长1.7%,销量(售出数量)较19财年第4季度强劲增长。它的盈利数字稳健,税前利润和税后利润分别增长69.6%至1.255亿令吉和51.1%至1.118亿令吉。

集团可观的利润主要归因于丁腈手套业务的强劲增长,与19财年第四季度相比,销售额增长了12%。天然橡胶手套业务也为利润增长做出了贡献,因为平均售价的上调影响与乳胶价格的下跌趋势同时发生。

此外,Top Glove的泰国业务为其良好的业绩做出了积极贡献,而顶级手套继续看到其在中国业务的复苏,这归功于乙烯基手套的平均售价提高。 Aspion正面的利润状况也为集团的盈利做出了贡献。

与预期相符,平均乳胶价格继续下降,从19财年第4季度的4.64令吉/千克下降11%至20财年1季度的4.13令吉/千克。丁腈乳胶的平均价格也从1.08美元/千克小幅下降了1.8%,至1.06美元/千克。

前景:
顶级手套将继续寻求扩张,以满足全球手套需求的增长,全球手套需求将以每年10%的速度增长。这使集团的生产线总数将增加178条,每年的生产能力将增加213亿只手套,表示未来两年的生产能力将增长30.4%。到2021年12月,顶级手套预计将拥有861条生产线,每年的手套生产能力为914亿只。

Top Glove将继续投资于现有的生产线翻新和建设新的技术先进的手套工厂。集团的新工厂将采用更多的自动化和数字化举措,例如自动导引车(AGV)运输和仓库管理系统,SCADA生产系统,手套自动包装系统,用于在线检测和清除有缺陷手套的人工智能视觉摄像头系统,以及自动配料和化学制剂。此外,顶级手套将继续探索并购和合资企业,同时还将业务扩展至橡胶或医疗保健相关业务。

为了反映顶级手套研发和创新的重要性,正在计划建立卓越的制造和研究中心(在马来西亚的万津),这是集团新的研发和产品创新中心,包括工业革命4.0计划。

为表彰其持续的良好表现,继富时罗素(FTSE Russell)在2019年12月进行了最近的审查后,顶级手套仍然是富时大马综合指数的组成部分。顶级手套还于2019年10月和2019年11月获得了多个享有声望的地方和地区人力资源奖,其中包括毕业生2019年选择奖:冠军(制造业),2019年马来西亚领先100强毕业生喜爱的雇主:获奖者(化学和重工业)和HR亚洲2019年最佳工作的公司(马来西亚章):获奖者。

作为具有社会责任感的雇主和行业领导者,Top Glove致力于维护公平的劳工惯例并遵守劳动法的要求,同时确保采取适当的措施来保护其员工的安全和福祉。面对艰难的商业环境,Top Glove的前景仍然乐观。行业前景仍然乐观,为确保能够充分利用不断增长的手套需求,Top Glove将继续优先考虑研发,创新和工业4.0计划。这些将使公司能够提高质量和运营效率,同时保持客户满意度并最终在未来几个季度中取得良好的业绩。
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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 RM2.39 (dividend RM0.025) in 1 year 4 months 5 days, total return is 237.8%

b) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.29 in 10 months 27 days, total return is 124.3%

c) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.85 in 3 months 22 days, total return is 86.8%

d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.42 (dividend RM0.04) in 1 year 5 months 16 days, total return is 83.6%

e) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.87 (adjusted)(dividend RM0.01) in 6 months 15 days, total return is 72.5%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.38 (dividends RM0.113) in 1 Year 2 months 10 days, total return is 56.8%

g) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.23 (dividend RM0.015) in 1 Year 1 day, total return is 55.6%

h) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.37 in 5 months 17 days, total return is 52.2%

i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.69 (dividend RM0.07) in 1 Year 29 days, total return is 38.6%

j) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.28 (dividend RM0.018) in 11 months 24 days, total return is 34.5%

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页面与我联系。

1)【看懂年报和季报】课程:
11a.m. – 7p.m.,免费茶和咖啡

12月22日星期日:AG Hotel Penang, George Town 2份点心

12月29日星期日:Hotel Sri Petaling, KL 3份点心

2020年2月22日星期六:Silka Johor Bahru Hotel, Johor Bahru 7份点心

2)【股票-实际操作班】课程:
10a.m. – 9p.m.,免费午餐和晚餐

12月21日星期六:AG Hotel Penang, George Town

12月28日星期六:Hotel Sri Petaling, KL

2020年2月23日星期日:Silka Johor Bahru Hotel, Johor Bahru

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

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

请大家来Follow James的Instagram,获取最新的资讯:jamesnginvest

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: This will boost the Group’s total number of production lines by an additional 178 lines and production capacity by 21.3 billion gloves per annum, represent an increase of 30.4% in capacity over the next 2 years; by December 2021, Top Glove is projected to have 861 production lines and a production capacity of 91.4 billion gloves per annum]

The Group’s Sales Revenue for 1QFY20 came in at RM1.21 billion, easing by 4.2% compared with 1QFY19, due to lower average selling prices (ASPs) and lower average raw material prices, but Sales Volume increased by 0.2% and Profit After Tax increased by 0.1% year on year to RM111.8 million.

The nitrile glove segment continued to perform very well, delivering strong Sales Volume growth of 20% and significantly higher contributions to Group Profit. Ongoing technological advancements, as well as automation and digitalisation initiatives which resulted in more efficiency and better quality control, also accounted for the improved profit. Thus, the Group was able to increase both sales and profitability. Meanwhile, increased nitrile capacity from ongoing organic expansion allowed the Group to further grow sales, cater to larger customers and capture a bigger market share in US, Western Europe and Japan.

The Group is confident that demand growth for natural rubber gloves in developing countries will pick up going forward, driven by increased healthcare awareness arising from improved standards of living. Average latex concentrate prices at RM4.13/kg, up 8.7% against 1QFY19, while the average nitrile latex price was USD1.06/kg, down 14.5% year on year.

QoQ:
The Group’s Sales Revenue for 1QFY20 was RM1.21 billion, up 1.7% quarter on quarter, with strong growth in Sales Volume (Quantity Sold) of 6% versus 4QFY19. Its profit figures were solid, with Profit Before Tax and Profit After Tax surging 69.6% to RM125.5 million and 51.1% to RM111.8 million respectively.

The Group’s commendable profit was mainly attributed to strong growth in the nitrile glove segment, which saw an increase of 12% in Sales Volume versus 4QFY19. Also contributing to profit margins was the natural rubber glove segment, as the effect of the upward revision in ASPs took effect alongside the downward trend in the price of latex concentrate.

In addition, Top Glove’s Thailand operations contributed positively to its good performance, while the Group continued to see recovery in its China operations, which has improved due to better ASPs for its vinyl gloves. Aspion’s positive profit position also contributed to the Group’s bottom line.

In line with expectations, average latex concentrate prices continued their downward trend, falling by 11% from RM4.64/kg in 4QFY19 to RM4.13/kg in 1QFY20. Average prices for nitrile latex also decreased marginally by 1.8% from USD1.08/kg to USD1.06/kg quarter on quarter.

Prospects:
The Group will continue pursuing expansion in order to meet the increase in global glove demand which is set to grow by 10% yearly. This will boost the Group’s total number of production lines by an additional 178 lines and production capacity by 21.3 billion gloves per annum, represent an increase of 30.4% in capacity over the next 2 years. By December 2021, Top Glove is projected to have 861 production lines and a production capacity of 91.4 billion gloves per annum.

Top Glove will continue to invest in existing line refurbishment and building new technologically advanced glove factories. The Group’s newer factories will feature more automation and digitalisation initiatives, such as an Automated Guided Vehicle (AGV) transport and warehouse management system, production SCADA system, glove auto packing system, artificial intelligence vision camera system for online detection and removal of defective gloves, as well as auto compounding and chemical preparation. In addition, the Group will continue to explore M&As and JVs, while also diversifying into rubber or healthcare-related businesses.

Reflecting the importance of R&D and innovation at Top Glove, plans are in progress to establish a Manufacturing and Research Centre of Excellence, the Group’s new state-of-the-art hub for R&D and product innovation embracing Industry Revolution 4.0 initiatives, based in Banting, Malaysia.

In recognition of its continued good performance, Top Glove remains a component of the FBM KLCI following a recent review by the FTSE Russell in December 2019. Top Glove also garnered several prestigious local and regional HR awards in October and November 2019, which include Graduates’ Choice Award 2019: Champion (Manufacturing), Malaysia’s 100 Leading Graduate Employers 2019: Winner (Chemicals and Heavy Industries) and HR Asia’s Best Companies to Work for In Asia 2019 (Malaysian Chapter): Winner.

As a socially responsible employer and industry leader, Top Glove is committed to upholding fair labour practices and complying with requirements of labour laws, while ensuring adequate measures are in place to protect the safety and well-being of its workforce. In the face of a difficult business environment, Top Glove remains upbeat in terms of outlook. Industry prospects remain promising and to ensure it is well-positioned to tap the growing glove demand, Top Glove will continue to prioritise R&D, innovation and Industry 4.0 initiatives. These will enable the company to increase quality, operational efficiency and effectiveness, while keeping customers satisfied and ultimately deliver good results in the quarters to come.
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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.

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

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