=MARKET BUZZ: Malaysia's Top Glove At Near 2-Year High After Strong 4Q Showing
KUALA LUMPUR (Oct 13) -- Malaysia's Top Glove Corporation up 1.4% at MYR6.01, near two-year highs, after 4Q net profit surges 51% on-year to MYR98.62 million. "The earnings came in slightly above my expectations and in line with consensus," says Hong Leong Investment Bank analyst Sheikh Abdullah. Expects FY2018 earnings to rise by MYR30 million, or 10%-11% on-year, as company expands capacity to meet sales demand, and assuming selling prices and foreign exchange rates remain unchanged. Adds, company could see 1% cost reduction following acquisition of packaging material firm to improve supply chain.
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