To be sure, Top Glove’s earnings for FY2021 accounted for 96% of UOB Kay Hian’s estimates and 93% of consensus’ estimates for the full year.
UOB Kay Hian analyst Philip Wong has lowered his target price on Top Glove from RM3.70 ($1.19) to RM3.06 after the company missed expectations in its 4QFY2021 results.
Top Glove’s 4QFY2021 core net profit came in at RM608 million, 70% lower q-o-q, and 53% lower y-o-y. This brought FY2021 earnings to RM8.05 billion. While the figure was 360% higher than the same period last year, Wong deems this as below the brokerage’s expectations, as well as that of the consensus.
