after their share prices hit six to eight-year lows.The counters share price have rallied by 20% to 30% in the process.
“Supermax has the highest net cash position among its peers of RM2.8bil as at the end of the second quarter of 2022. However, it has also earmarked RM1.6bil for its US glove plant which we estimate to be completed in the second half of 2023,” said the research house. It lowered the TP of Supermax and Top Glove to 50 sen each on expectations the companies might continue to post quarterly losses as their earnings have not yet bottomed on a quarterly basis.
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