0108 GMT - Top Glove could report sequentially weaker earnings for fiscal 3Q due to lower glove demand following front-loading by U.S. buyers ahead of higher tariffs on China-made gloves, CIMB Securities analyst Walter Aw Lik Hsin says in a note. Increased competition in non-U.S. markets may also pressure average selling prices, he reckons. However, demand recovery is anticipated from 4Q as U.S. clients exhaust their stockpiles, he says. Aw cuts his FY 2025-FY 2027 EPS estimates for Top Glove by 6.1%-19.9% to factor in slower increases in selling prices and sales volume in 2H amid competition from China. CIMB Securities lowers Top Glove's target price to MYR0.95 from MYR1.40 while maintaining a hold rating on the stock. Shares are 1.7% higher at MYR0.91. (yingxian.wong@wsj.com)
(END) Dow Jones Newswires
March 20, 2025 21:08 ET (01:08 GMT)
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