The lower profits were mainly due to the sharp strengthening of the ringgit in a short timeframe.
KUALA LUMPUR: PublicInvest research has downgraded the rubber gloves sector to “underweight” from “neutral” as it expects price-earnings contraction to continue.
“Despite the recent selldown, we believe the sector is still trading at unattractive PE valuations and could potentially contract closer to historical average of 21x-26x (previously we pegged our valuations at 24x-33x forward earnings).
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