The three biggest glove stocks are the worst performers in Malaysia’s benchmark equity gauge this year.
Global funds also bought a net RM189.9 million of Press Metal Aluminium Holdings Bhd, the brokerage said in a report. “There is still significant value to be derived from Malaysian glove players which command 65%-68% of the global market share,” Kenanga Investment Bank Bhd said in a report. Top Glove trades at about six times forward 12-month earnings, versus its one-year mean of 15.3 times. Supermax is priced at 3.8 times compared with its average of 15 times, Bloomberg-compiled data show.
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