Top Glove HQ
Top Glove Corp Bhd
(pic) is one of the most widely followed companies among analysts and the market over the past year, especially so since the outbreak of the Covid-19 pandemic.
The company’s share price too has seen significant price gains and losses over the past 12 months, and of course, there are many factors that caused the euphoric rally as well as the sell-off that quickly came soon after news of a vaccine broke in November last year. The ups and downs of the stock has also got to do with the market call on the stock, as typically, investors are also driven by the valuation of the company that is made by analysts covering the stock.
Hence, early this week, when Top Glove released its second-quarter (Q2) results, all eyes were on the market’s perception of the report card. While earnings can be said to be within expectations, although a few broking firms did describe the results as above expectations, the underlying performance of the company for the period was mind-boggling.
Top Glove manufacturing
With a revenue of RM5.36bil, Top Glove chalked up an impressive net profit of RM2.87bil. This is spectacular, given that the company has now broken Bursa Malaysia’s record of the highest quarterly net profit by a listed firm, previously held by Maybank, which stood at RM2.45bil for the Q4 period of 2019.
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