Kenanga shaves earnings estimate on Supermax

KUALA LUMPUR: Kenanga Research, which has an "outperform" recommendation on Supermax Corp Bhd, has lowered its earnings forecast on expectation that average selling prices (ASP) will fall due to moderating glove demand.

The glove maker said yesterday that global glove prices have dropped 15% to 25% following the roll out of the Covid-19 vaccines, but does not expect a sharp drop due to the structural change in glove consumption from new customer segments.