Kenanga maintains 'outperform' on Top Glove

KUALA LUMPUR: Kenanga Research maintained an "outperform" call on Top Glove Corp Bhd after raising its FY21 net profit forecast by 40% to account for higher average selling prices.

"Raised FY21E net profit by 40% after hiking our ASP from USD55/1,000 pieces to USD70/1,000 pieces and assuming 80% utilisation or 75b pieces volume sales (taking into account of the temporary production loss in Klang factories).