Kenanga downgrades gloves sector, sees oversupply persisting

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Kenanga downgrades gloves sector, sees oversupply persisting

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Specifically, it said industry leader Top Glove Corp Bhd’s recently released results are already indicating weaker earnings ahead for glove makers suggesting that earnings have yet to bottom out.

KUALA LUMPUR (June 23): Kenanga Research has downgraded the gloves sector to “Underweight” (from Neutral) and said indications from its supply-demand analysis are pointing towards excess capacity in the sector spanning the next two years.

In a note on Thursday (June 23), the research house said it expects the weak operating environment to continue to weigh down glove makers over the medium term to long-term.

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Article Details

Category: InvestingFinance

Topics: Medium Earnings Research Sen) Makers Utilization Industry Term Corp Glove House

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-23, 00:52:37

News Timezone: GMT +8:00

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Language: English

Reading Time: 2 minutes read

Article Length: 231 words

Coverage Area: Malaysia

Availability: Desktop Web, Mobile Web

News ID: 4747

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