However, Wong believes that this is the bottom for operating margins for the company, noting that Top Glove has raised average selling prices (ASPs) significantly heading into 3QFY2023.
UOB Kay Hian analyst Philip Wong has upgraded Top Glove Corp (SGX:BVA
) to “buy” with a higher target price of 95 sen from 74 sen previously on better business prospects.
For its 1HFY2023, Top Glove’s cumulative losses amounted to RM333 million ($99.73 million) — well below UOBKH and consensus expectations at RM256 million and RM322 million in cumulative losses. This is on the back of softer-than-expected margins.
