UOB Kay Hian Research keeps buy call on Top Glove, lower TP RM7.60

Last Friday, Top Glove proposed to issue 1.495 billion new shares, raising up to HK$14.95bil (or RM7.77bil) though a global offering.

KUALA LUMPUR: UOB Kay Hian Malaysia Research is retaining its Buy call on Top Glove Corporation Bhd with a lower target price of RM7.60 from RM10.40, which is independent of the listing in Hong Kong, as it rolls over its valuations to CY22.

Top Glove has proposed a share issuance as it pursues an additional primary listing on the Hong Kong Stock Exchange. It looks to raise up to RM7.77bil through an issuance of new shares, representing an enlarged share base of up to 18%.