我的分享集１５０９２０１１-马来西亚手套公司的分析

Yes, I know. High latex price, increasing raw material prices increase cost, also hurt by the recent increase in gas prices due to cut of subsidy by our government. To make thing worse, the USD is weakeaning....

But, seeing things brightly, glove is still a necessary thing needed in today's world especially in healthcare. With more and more countries creating awareness of using gloves, demand for the global can growth steadily especially in those growing Asia countries, and Latin countries.
Some glove stocks looking at current market price is really totally undervalued, most fund managers have choose to take profit and run earlier.It is time to accumulate some for us the minor players. If you ask me my own preferences, I would pick only 3 stocks, Hartalega due to its high margin, and also growth. Supermax due to it good management and also its own OBM, which normally create more say also better margin, and Latexx due to its really cheap valuation for now.
Many people has choose Topglove as it is still the largest producer for glove in the world although not the one earning the most. I personally worried about the margin for Topglove as it has only around 6% net profit margin as I calculate it. If increase in cost cannot be fully pass to end clients, profit might get hurt.
Below is my own calculation and analysis for glove counters in Malaysia, please do your own studies and judgement before buying, and my analysis is not meant for buying, just purely sharing my own view for now, as I think it is relatively cheap for most glove counters.

Name	Fin.yr.	Revenue	Net Profit	OPM	PM
HARTALEGA HOLDINGS BHD	Mar	876,000,000.00	219.10	33.10	25.01%
TOP GLOVE CORP BHD	Aug	1,953,400,000.00	123.00	16.99	6.30%
SUPERMAX CORP BHD	Dec	955,130,000.00	92.23	9.84%	9.66%
KOSSAN RUBBER INDUSTRIES	Dec	1,025,784,000.00	91.82	10.88%	8.95%
LATEXX PARTNERS BERHAD	Dec	458,214,000.00	60.66	15.43%	13.24%
ADVENTA BHD	Oct	421,000,000.00	17.20	12.39	4.09%

Name	Y/H	Y/L	From High	Mkt P.	EPS	P/E
HARTALEGA HOLDINGS BHD	6.08	4.04	-8.55%	5.56	0.602	9.23
TOP GLOVE CORP BHD	6.10	4.29	-29.51%	4.30	0.198	21.72
SUPERMAX CORP BHD	4.93	2.60	-47.26%	2.60	0.258	10.07
KOSSAN RUBBER INDUSTRIES	3.58	2.68	-22.63%	2.77	0.287	9.64
LATEXX PARTNERS BERHAD	3.24	1.42	-55.56%	1.44	0.274	5.26
ADVENTA BHD	2.85	1.51	-45.26%	1.56	0.113	13.86