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Telegram批量拉人:Falling demand, lower prices drag glove makers

admin2022-08-256

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Hartalega Holdings Bhd’s shares fell 35 sen or 12.5% to RM2.45, erasing some RM1.2bil in market capitalisation, with the stock now trading at five-year lows as investors digested its 96% year-on-year (y-o-y) drop in earnings for its second quarter. Top Glove Corp Bhd fell five sen or 5.6% to 93 sen which erased RM400mil of its market value as its shares hit values last seen five years ago.

PETALING JAYA: Glove makers came under fresh selling pressure yesterday on bearish demand-supply fundamentals as analysts warn a glut in the world market is set to pressure average selling prices (ASPs) further as Chinese glove makers push for market share.

Local glove makers are now caught in a perfect storm of falling demand, lower pricing power and a jump in supply and production capacities that are hitting margins hard.

Hartalega Holdings Bhd’s shares fell 35 sen or 12.5% to RM2.45, erasing some RM1.2bil in market capitalisation, with the stock now trading at five-year lows as investors digested its 96% year-on-year (y-o-y) drop in earnings for its second quarter.

Top Glove Corp Bhd fell five sen or 5.6% to 93 sen which erased RM400mil of its market value as its shares hit values last seen five years ago.

Supermax Corp Bhd shares ended three sen lower at 82 sen, losing RM80mil in market capitalisation. At its current price, Supermax shares are trading at two-year lows.

The sharper fall in Hartalega shares is partly due to the Employees Provident Fund being a net seller of the stock, an exchange filing by the company showed.

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CGS-CIMB Research continues to like Hartalega for its industry-leading margins and technology advantage in nitrile gloves.

Analyst reports yesterday stated that industry players were set to face challenging times ahead following declining utilisation rates and softening ASPs amid the weak global demand.

This is reflected in Hartalega’s 96% y-o-y core net profit drop to RM88.3mil for the first quarter of financial year 2023 (1Q23) results.

It missed most estimates due to lower-than-expected ASPs from the supply glut in the global glove sector.

According to CGS-CIMB Research, Hartalega is expected to post sequentially lower earnings in the next three quarters.

“We gather global glove demand is still weak, with customers keeping low inventory levels. There is also an abundance of supply in the market.

“Glove makers, especially from China, are lowering their ASPs to be competitive in the market,” it said in its note to clients yesterday.

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