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75
Price Performance
Cheap acquisition but insignificant impact 11.0 220
We are neutral on this deal: (i) the transacted multiple is low at 5x PER. 10.0 200
estimate that Duramedical will contribute <0.1% to Top Glove’s FY8/19 4.0
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
80
net profit and our projected FY19 net gearing will remain at 54%.
Top Glove - (LHS, MYR) Top Glove / Kuala Lumpur Composite Index - (RHS, %)
THIS REPORT HAS BEEN PREPARED BY MAYBANK INVESTMENT BANK BERHAD PP16832/01/2013 (031128)
SEE PAGE 7 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
Top Glove
Top Glove: One-year rolling forward PER (trading at 26x now) Top Glove: Foreign shareholding (Feb 2018: 34%)
PE (x) 45%
28 43%
43% 42%
26
+2SD: 23.8x 42%
24 41%
39%
22
+1SD: 20.0x 39% 40%
20 37% 37%
18 37%
Mean: 16.2x
16 34%
35%
14 33%
-1SD: 12.4x
12 33% 32%
32%
10 31%
31%
8 31%
6 29%
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lee.yl@maybank-ib.com
DuPont analysis
Net profit margin (%) 12.5 9.8 10.6 10.1 9.8
Revenue/Assets (x) 1.1 1.2 0.9 1.0 1.1
Assets/Equity (x) 1.5 1.5 2.1 2.0 1.8
ROAE (%) 21.1 17.4 20.9 21.7 21.1
ROAA (%) 13.5 11.9 11.5 10.6 11.1
Research Offices
REGIONAL MALAYSIA HONG KONG / CHINA THAILAND
Sadiq CURRIMBHOY WONG Chew Hann, CA Head of Research Christopher WONG Maria LAPIZ Head of Institutional Research
Regional Head, Research & Economics (603) 2297 8686 wchewh@maybank-ib.com (852) 2268 0652 Dir (66) 2257 0250 | (66) 2658 6300 ext 1399
(65) 6231 5836 • Strategy christopherwong@kimeng.com.hk Maria.L@maybank-ke.co.th
sadiq@maybank-ke.com.sg • HK & China Properties • Strategy • Consumer • Materials • Ind. Estates
Desmond CH’NG, ACA • Oil & Gas • Telcos
WONG Chew Hann, CA (603) 2297 8680 Jacqueline KO, CFA
Sittichai DUANGRATTANACHAYA
desmond.chng@maybank-ib.com (852) 2268 0633 jacquelineko@kimeng.com.hk
Regional Head of Institutional Research (66) 2658 6300 ext 1393
• Banking & Finance • Consumer Staples & Durables
(603) 2297 8686 Sittichai.D@maybank-ke.co.th
wchewh@maybank-ib.com Ka Leong LO, CFA • Services Sector • Transport • Property • Telcos
LIAW Thong Jung
(603) 2297 8688 tjliaw@maybank-ib.com (852) 2268 0630 kllo@kimeng.com.hk Tanawat RUENBANTERNG
ONG Seng Yeow • Consumer Discretionary & Auto
• Oil & Gas Services- Regional (66) 2658 6300 ext 1394
Regional Head of Retail Research Tanawat.R@maybank-ke.co.th
(65) 6231 5839 Mitchell KIM • Banks & Diversified Financials
ONG Chee Ting, CA
ongsengyeow@maybank-ke.com.sg (852) 2268 0634 mitchellkim@kimeng.com.hk
(603) 2297 8678 ct.ong@maybank-ib.com Ornmongkol TANTITANATORN
• Internet & Telcos
• Plantations - Regional (66) 2658 6300 ext 1395
TAN Sin Mui
Ricky NG, CFA ornmongkol.t@maybank-ke.co.th
Director of Research Mohshin AZIZ • Oil & Gas
(852) 2268 0689 rickyng@kimeng.com.hk
(65) 6231 5849 (603) 2297 8692 mohshin.aziz@maybank-ib.com • Regional Renewables Sukit UDOMSIRIKUL Head of Retail Research
sinmui@kimeng.com.hk • Aviation - Regional • Petrochem • HK & China Properties (66) 2658 5000 ext 5090
Sukit.u@maybank-ke.co.th
ECONOMICS YIN Shao Yang, CPA Sonija LI, CFA, FRM
(603) 2297 8916 samuel.y@maybank-ib.com (852) 2268 0641 sonijali@kimeng.com.hk Ekachai TARAPORNTIP Deputy Head
Suhaimi ILIAS • Gaming – Regional • Media • Gaming 66) 2658 5000 ext 1530
Chief Economist Ekachai.t@maybank-ke.co.th
Malaysia | Philippines | China TAN Chi Wei, CFA Stefan CHANG, CFA Surachai PRAMUALCHAROENKIT
(603) 2297 8682 (603) 2297 8690 chiwei.t@maybank-ib.com (852) 2268 0675 stefanchang@kimeng.com.hk (66) 2658 5000 ext 1470
suhaimi_ilias@maybank-ib.com • Power • Telcos • Technology – Regional Surachai.p@maybank-ke.co.th
• Auto • Conmat • Contractor • Steel
CHUA Hak Bin WONG Wei Sum, CFA Bonny WENG
Regional Thematic Macroeconomist (603) 2297 8679 weisum@maybank-ib.com (852) 2268 0644 bonnyweng@kimeng.com.hk Suttatip PEERASUB
(65) 6231 5830 • Technology – Regional (66) 2658 5000 ext 1430
• Property
chuahb@maybank-ke.com.sg suttatip.p@maybank-ke.co.th
LEE Yen Ling Tony REN, CFA • Media • Commerce
LEE Ju Ye (603) 2297 8691 lee.yl@maybank-ib.com (852) 2268 0640 tonyren@kimeng.com.hk Sutthichai KUMWORACHAI
Singapore • Building Materials • Glove • Ports • Shipping • Healthcare & Pharmaceutical (66) 2658 5000 ext 1400
(65) 6231 5844 sutthichai.k@maybank-ke.co.th
leejuye@maybank-ke.com.sg Ivan YAP INDIA • Energy • Petrochem
(603) 2297 8612 ivan.yap@maybank-ib.com Termporn TANTIVIVAT
Jigar SHAH Head of Research
Dr Zamros DZULKAFLI • Automotive • Semiconductor • Technology (66) 2658 5000 ext 1520
(603) 2082 6818 (91) 22 6623 2632 jigar@maybank-ke.co.in
termporn.t@maybank-ke.co.th
zamros.d@maybank-ib.com Kevin WONG • Strategy • Oil & Gas • Automobile • Cement
• Property
(603) 2082 6824 kevin.wong@maybank-ib.com
Ramesh LANKANATHAN • REITs • Consumer Discretionary Vishal MODI Jaroonpan WATTANAWONG
(603) 2297 8685 (91) 22 6623 2607 vishal@maybank-ke.co.in (66) 2658 5000 ext 1404
ramesh@maybank-ib.com LIEW Wei Han • Banking & Financials jaroonpan.w@maybank-ke.co.th
(603) 2297 8676 weihan.l@maybank-ib.com • Transportation • Small cap
FX • Consumer Staples Neerav DALAL Sorrabhol VIRAMETEEKUL
(91) 22 6623 2606 neerav@maybank-ke.co.in Head of Digital Research
Saktiandi SUPAAT Adrian WONG (66) 2658 5000 ext 1550
Head, FX Research • Software Technology • Telcos
(603) 2297 8675 adrian.wkj@maybank-ib.com sorrabhol.V@maybank-ke.co.th
(65) 6320 1379 • Constructions • Healthcare • Food, Transportation
Vishal PERIWAL
saktiandi@maybank.com.sg
(91) 22 6623 2605 vishalperiwa@maybank- Wijit ARAYAPISIT
Jade TAM ke.co.in (66) 2658 5000 ext 1450
Christopher WONG
(65) 6320 1347 (603) 2297 8687 jade.tam@maybank-ib.com • Infrastructure wijit.a@maybank-ke.co.th
wongkl@maybank.com.sg • Media • Building Materials • Strategist
INDONESIA
Leslie TANG Mohd Hafiz Hassan VIETNAM
(603) 2082 6819 mohdhafiz.ha@maybank-ib.com Isnaputra ISKANDAR Head of Research
(65) 6320 1378
• Small & Mid Caps (62) 21 8066 8680 LE Hong Lien, ACCA
leslietang@maybank.com.sg
isnaputra.iskandar@maybank-ke.co.id Head of Institutional Research
TEE Sze Chiah Head of Retail Research • Strategy • Metals & Mining • Cement (84 28) 44 555 888 x 8181
Fiona LIM
(603) 2082 6858 szechiah.t@maybank-ib.com lien.le@maybank-kimeng.com.vn
(65) 6320 1374 Rahmi MARINA • Strategy • Consumer • Diversified
fionalim@maybank.com.sg (62) 21 8066 8689
Nik Ihsan Raja Abdullah, MSTA, CFTe
(603) 2297 8694 rahmi.marina@maybank-ke.co.id THAI Quang Trung, CFA,
STRATEGY nikmohdihsan.ra@maybank-ib.com • Banking & Finance Deputy Head, Institutional Research
Sadiq CURRIMBHOY Aurellia SETIABUDI (84 28) 44 555 888 x 8180
Global Strategist SINGAPORE (62) 21 8066 8691 trung.thai@maybank-kimeng.com.vn
aurellia.setiabudi@maybank-ke.co.id • Real Estate • Construction • Materials
(65) 6231 5836 Neel SINHA Head of Research
sadiq@maybank-ke.com.sg • Property
(65) 6231 5838 neelsinha@maybank-ke.com.sg LE Nguyen Nhat Chuyen
• Strategy Janni ASMAN (84 28) 44 555 888 x 8082
Willie CHAN • SMID Caps – Regional (62) 21 8066 8687 chuyen.le@maybank-kimeng.com.vn
Hong Kong / Regional janni.asman@maybank-ke.co.id • Oil & Gas
(852) 2268 0631 CHUA Su Tye • Cigarette • Healthcare • Retail
williechan@kimeng.com.hk (65) 6231 5842 chuasutye@maybank-ke.com.sg NGUYEN Thi Ngan Tuyen,
• REITs PHILIPPINES Head of Retail Research
FIXED INCOME (84 28) 44 555 888 x 8081
Derrick HENG, CFA Minda OLONAN Head of Research tuyen.nguyen@maybank-kimeng.com.vn
Winson Phoon, ACA (65) 6231 5843 derrickheng@maybank-ke.com.sg (63) 2 849 8840 • Food & Beverage • Oil&Gas • Banking
(65) 6231 5831 • Property • REITs (Office) minda_olonan@maybank-atrke.com
winsonphoon@maybank-ke.com.sg • Strategy TRUONG Quang Binh,
Luis HILADO
(65) 6231 5848 luishilado@maybank-ke.com.sg Katherine TAN Deputy Head, Retail Research
Se Tho Mun Yi
• Telcos (63) 2 849 8843 (84 28) 44 555 888 x 8087
(603) 2074 7606
kat_tan@maybank-atrke.com binh.truong@maybank-kimeng.com.vn
munyi.st@maybank-ib.com
John CHEONG, CFA • Banks • Construction • Rubber Plantation • Tyres & Tubes • Oil & Gas
(65) 6231 5845 johncheong@maybank-ke.com.sg
• Small & Mid Caps • Healthcare • Transport Luis HILADO TRINH Thi Ngoc Diep
(65) 6231 5848 luishilado@maybank-ke.com.sg (84 28) 44 555 888 x 8208
NG Li Hiang • Telcos diep.trinh@maybank-kimeng.com.vn
(65) 6231 5840 nglihiang@maybank-ke.com.sg • Technology • Utilities • Construction
• Banks
NGUYEN Thi Sony Tra Mi
LAI Gene Lih (84 28) 44 555 888 x 8084
(65) 6231 5832 laigenelih@maybank-ke.com.sg mi.nguyen@maybank-kimeng.com.vn
• Technology • Port Operation • Pharmaceutical
• Food & Beverage
UK
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DISCLOSURES
Disclosure of Interest
Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further
act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment
banking services, advisory and other services for or relating to those companies.
Singapore: As of 30 March 2018, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.
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research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected
parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.
Hong Kong: As of 30 March 2018, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.
India: As of 30 March 2018, and at the end of the month immediately preceding the date of publication of the research report, KESI, authoring analyst or their
associate / relative does not hold any financial interest or any actual or beneficial ownership in any shares or having any conflict of interest in the subject
companies except as otherwise disclosed in the research report.
In the past twelve months KESI and authoring analyst or their associate did not receive any compensation or other benefits from the subject companies or
third party in connection with the research report on any account what so ever except as otherwise disclosed in the research report.
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in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or
investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the
companies covered in this report.
OTHERS
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part
of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.
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12.0
10.0
8.0
6.0
4.0
Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
Top Glove
Definition of Ratings
Maybank Kim Eng Research uses the following rating system
BUY Return is expected to be above 10% in the next 12 months (excluding dividends)
HOLD Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends)
SELL Return is expected to be below -10% in the next 12 months (excluding dividends)
Applicability of Ratings
The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only
applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment
ratings as we do not actively follow developments in these companies.
Malaysia Thailand
Joann Lim Tanasak Krishnasreni
joann.lim@maybank-ib.com Tanasak.K@maybank-ke.co.th
Tel: (603) 2717 5166 Tel: (66)2 658 6820
Indonesia London
Harianto Liong Mark Howe
harianto.liong@maybank-ke.co.id mhowe@maybank-ke.co.uk
Tel: (62) 21 2557 1177 Tel: (44) 207-332-0221
Vietnam Philippines
Patrick Mitchell Keith Roy
patrick.mitchell@maybank-kimeng.com.vn keith_roy@maybank-atrke.com
Tel: (84)-8-44-555-888 x8080 Tel: (63) 2 848-5288
www.maybank-ke.com | www.maybank-keresearch.com