Top Glove Corp Bhd may see weaker earnings for its third quarter results (Q3 FY 16) due next week from lower selling prices, higher raw material prices and a stronger ringgit.
Affin Hwang Capital Research, which is maintaining a Buy call on the stock with a target price of RM7.17, had on Tuesday projected the world’s largest rubber glovemaker's core net profit to be weaker on-quarter at between RM80mil and RM90mil on overall lower average selling prices (ASP), higher raw material prices and a stronger ringgit for the quarter.
Topline should stay flattish or slightly lower on-quarter, as it expect the average sales price to trend lower on supply overhang, the research house said, adding that, however, this should be offset by higher sales volume on a higher number of earning days.
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Affin Hwang Capital Research, which is maintaining a Buy call on the stock with a target price of RM7.17, had on Tuesday projected the world’s largest rubber glovemaker's core net profit to be weaker on-quarter at between RM80mil and RM90mil on overall lower average selling prices (ASP), higher raw material prices and a stronger ringgit for the quarter.
Topline should stay flattish or slightly lower on-quarter, as it expect the average sales price to trend lower on supply overhang, the research house said, adding that, however, this should be offset by higher sales volume on a higher number of earning days.
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