Showing posts with label Topglove. Show all posts
Malaysia Listed Glove Manufacturer FY12 Financial Data
2012 Glove Manufacturer
Ranking By Revenue
1. Top Glove
2. Kossan Rubber
3. Supermax
4. Hartalega
Ranking By Net Profit
1. Top Glove2. Hartalega
3. Supermax
4. Kossan Rubber
以农立业：橡胶手套大马的骄傲
以农立业：橡胶手套大马的骄傲●朱乾海博士
毋庸置疑，大马橡胶产品工业很棒。单单一家顶级手套（Top Glove Sdn Bhd）就有23间工厂，446条生产线，年产400亿手套，员工11万人。产品出口到185个国家，海外办事处设在美国和德国。
橡胶种植一直是大马的经济支柱。自60年代以来，橡胶以原产品的身影转型为婀娜多姿的工业产品。
在橡胶种植逐渐萎缩的同时，橡胶原料供不应求，只好从邻近国家进口。
今天，大马是世界第5大天然胶消费国，排在中国、美国、日本及印度之后。
橡胶工业产品今天已是大马的骄傲。医疗手套、导尿管、胶线等的质量已登入世界顶级产品的殿堂。产品的验证包括ISO、ASTM、EN及USFOA。
Tag :
Topglove
CEO冷靜應變‧危機亦是契機
自2008年金融海嘯以來，全球經濟風雨如晦，美國財政懸崖、歐債危機曠日持久，新興經濟體成長放緩，全球經濟原就波動異常；加上氣候變遷、各種天災不斷，時時打斷經濟復甦的步伐……。
全球經濟前景不明，區域政局新領導層更迭，大馬大選在即，大馬CEO練就了處變不驚的功力，冷靜應對和搞好基本面、同時加強競爭力，以在逆境中開創美好的未來。
對很多CEO來說，機會留給準備好的人，危機也是契機，不管是內部成長深耕不輟，或者併購與擴展業務也好，都各有精彩與契機，且聽聽他們各自表述。
18万投资翻滚出11亿财富 林伟才创造顶级手套 (大马超级富豪NO.26)
21年后的今天，他们俩的眼光不但获得了验证，顶级手套（TopGlov，7113，主板工业产品股）更成了全球最大胶手套生产商。
看准大马橡胶资源丰富，丹斯里林伟才和太太潘斯里董秀美1991年深信自己的眼光，毅然把储蓄18万令吉投资手套制造厂。
当年，全数储蓄只有18万令吉的林伟才凭着自信和独特的管理理念，成功创造出今天高达11亿8100万令吉的身家，成了“南洋富豪榜”内排名26的大马富豪。
“成功不是偶然，也不是终点。打从创业的第一天，我立志不断学习及扩大业务版图，直至产量满足全球需求。”
Thai rubber intervention plan
THE Thai government approved yesterday a 15 billion baht (RM1.48 billion) budget plan to prop up rubber prices, but the impact of the farmer-friendly intervention is likely to be shortlived because of weak demand.
The government agreed to buy unsmoked rubber sheet (USS3) from farmers at 120 baht per kg, up from the market price of 90 baht at the end of 2011, a senior Agriculture Ministry official said.
Prices immediately moved higher although some traders wondered how long that would last, given that demand is usually low at this time of the year and may remain weak in the next few months because of the slowdown in the global economy.
China is the world's largest rubber consumer, and there are fears that the debt crisis in Europe could crimp demand for tyres. "The intervention programme can start right away and we are looking to buy 200,000 tonnes or more to shore up prices," Apichart Jongsakul, head of the Office of Agriculture Economy, said.
Unsmoked sheet was quoted at 110 baht per kg yesterday. RSS3 was offered at US$4.00 per kg, having risen recently in anticipation of the intervention scheme and because of limited supply, with many operators in the main producing countries, Thailand, Indonesia and Malaysia, on Lunar New Year holidays.
The benchmark Tocom rubber contract for June delivery, which sets the global trend, jumped more than 3 per cent to 315.3 yen per kg, around a three-month high. Tocom has risen around 15 per cent since January 11, when the government and farmers said they had agreed on an intervention plan.
Thailand, the world's biggest rubber producer and exporter, produces around 3.0-3.2 million tonnes of rubber a year, so the 200,000 tonnes represents about 6.5 per cent of output. It exports around 2.8 million tonnes a year, around 36 per cent of the global rubber trade, according to the Association of Natural Rubber Producing Countries (ANRPC), which groups countries accounting 92 per cent of world output and exports.
Supply starts to tighten in Thailand at this time of year, with the dry season approaching, and traders said prices could rise later this week when the Lunar New Year holidays end.
But the medium-term trend was unclear, given Europe's debt crisis and the gloomy world economic outlook. Kazuhiko Saito, chief commodities analyst at trading house Fujitomi in Tokyo, said Tocom traders would be cautious. "The last-minute buying here was helped by the news," Saito said.
"But the mood in general is 'Let's sell on the fact', as they have bought in advance." "We're now looking to see if Chinese buying resumes after their New Year and how supply is affected during the wintering period," he added.
There were also question marks over the capacity of the Thai government to intervene. It would need some 24 billion baht, around US$763 million, if it wanted to buy 200,000 tonnes of rubber at 120 baht per kg, well above the 15 billion baht approved. In addition to its rubber intervention, the government is committed to buying rice at a price way above market rates, at a cost of up to 50 billion baht. It also needs to find up to 350 billion baht for a series of water management and flood prevention schemes after devastating floods last year.
The government's total budget deficit in the year to September 30 was originally planned to be 350 billion baht, increased to 400 billion after the floods. Asked about funding for the rubber scheme, Apichart said: "The fund would be a soft loan from a state-owned bank to be paid to rubber cooperatives across the country to buy rubber and keep in stocks."
Pongsak Kerdwongbundit, president of the Thai Rubber Association, was confident the government's plan would keep export-grade RSS3 above US$4 per kg but would not say whether he though the price could go back towards the record of US$6.40.
Edy Irwansyah, executive secretary of the North Sumatra branch of the Indonesian Rubber Association (Gapkindo), said prices were unlikely to stay high for very long as demand was poor.
"At a time when rubber production in Southeast Asia is falling because of wintering, the intervention by the Thai government will definitely push up prices in the international market. But the impact will be short-lived because buying interest during this period is also low," he said. Reuters
Published: 2012/01/25 Business Times
Abundant opportunities to buy into long term growth of rubber glove stocks
by Justin Yap. Posted on January 12, 2011, Wednesday
KUCHING: The rubber glove industry has hit the trough and the current share price weakness has turned out to be a good opportunity for investors to gain exposure to an industry with steady long term growth prospects and one in which Malaysia is the global leader.
BRIGHT OUTLOOK: After the softening seen in 2010, global consumption of examination gloves are expected to revert to its trend growth of eight per cent per annum over the next few years – Photo from klsewin.blogspot.com
Citigroup Investment Research and Analysis (CIRA) analyst Fiona Leong pointed out that rubber glove stocks were the worst performers among stocks under the firm’s coverage in 2010.
The sector fell 24 per cent from mid-2010, weighed down by sequential decline in the second quarter
(2Q10) and 3Q10 earnings as the industry was adversely affected by various factors such as high latex prices, weakness in US dollar and softening demand.
Currently, glove stocks were trading below their historical average price earnings and the sector was valued at an undemanding 9.8 times of the CY2011E earnings.
At such, the analyst believed this would be a great opportunity for investors to tap into as long term growth.
Early signs of demand recovery sustainable were in late October and early November 2010, where glove producers reported a pick up in orders. Many attributed this to customers taking the view that latex prices might not retreat as hoped as latex supplies remained tight due to heavy rainfalls.
“Industry players expected lower latex prices in 4Q10 as rubber tree yields tend to reach a seasonal peak in November and December. The unusually wet weather had been a key factor that drove latex prices to a high of RM9.80 per kilogramme (kg) in late December,” said Leong.
The analyst believed the modest buying seen in 4Q10 was the beginning of a sustainable recovery in demand going into 2011. Customers’ inventory of examination gloves was estimated to have fallen
from the usual four months levels to two months.
Being a basic necessity for the healthcare industry, buying of examination gloves would resume as customers replenish stock levels.
After the softening seen in 2010, global consumption of examination gloves were expected to revert to its trend growth of eight per cent per annum over the next few years.
Meanwhile, the extremely tough operating environment seen over the past six months had forced out smaller producers that did not had the economies of scale and balance sheet strength. Recent deferment of capacity expansion plans by major producers would also reduce the industry’s demand supply imbalance and lift pressure on selling prices.
Contrary to expectations, latex price had continued on its steep uptrend over the past 24 months. It rose another 67 per cent to RM9.80 per kg in late 2010, after a sharp 75 per cent increase to RM5.90 per kg in 2009.
According to the report, erratic weather conditions as well as concerns over demand supply imbalances caused by strong surge in demand for rubber from China and declining supplies due to falling yields from aging trees had made it difficult for industry players to forecast latex prices in the coming year.
“Having said that, many are still hopeful for a pullback from current record high levels. Any easing in latex price would be positive as glove producers believe this would encourage customers to revert to their normal buying patterns,” said Leong.
On the other hand, price adjustment since late October would also help reflate margins. Since late October last year, major glove producers had adjusted selling prices six times to pass on higher raw material costs.
CIRA expected regular price adjustments from hereon as long as latex prices remained on an uptrend.
“Generally, this means improving margins in the months ahead, albeit with a slight lag effect and suggested that price competition from smaller players has abated. Another factor that would help restore margins was the gradual upturn in plant utilisation as orders begin to flow in.”
Leong further pointed out that another positive development was the more stable ringgit as glove producers’ sales revenue were almost entirely denominated in US dollars. After a strong appreciation from RM3.42:US$1 in December 2009 to RM3.06:US$1 in December 2010, CIRA economist expected the local currency to average at RM3:US$1 in 2011.
“This suggests that any adjustments in selling price for high raw material cost would not be offset by currency fluctuations. Glove producers will also have one less headwind to worry about,” Leong concluded.
Share|
KUCHING: The rubber glove industry has hit the trough and the current share price weakness has turned out to be a good opportunity for investors to gain exposure to an industry with steady long term growth prospects and one in which Malaysia is the global leader.
BRIGHT OUTLOOK: After the softening seen in 2010, global consumption of examination gloves are expected to revert to its trend growth of eight per cent per annum over the next few years – Photo from klsewin.blogspot.com
Citigroup Investment Research and Analysis (CIRA) analyst Fiona Leong pointed out that rubber glove stocks were the worst performers among stocks under the firm’s coverage in 2010.
The sector fell 24 per cent from mid-2010, weighed down by sequential decline in the second quarter
(2Q10) and 3Q10 earnings as the industry was adversely affected by various factors such as high latex prices, weakness in US dollar and softening demand.
Currently, glove stocks were trading below their historical average price earnings and the sector was valued at an undemanding 9.8 times of the CY2011E earnings.
At such, the analyst believed this would be a great opportunity for investors to tap into as long term growth.
Early signs of demand recovery sustainable were in late October and early November 2010, where glove producers reported a pick up in orders. Many attributed this to customers taking the view that latex prices might not retreat as hoped as latex supplies remained tight due to heavy rainfalls.
“Industry players expected lower latex prices in 4Q10 as rubber tree yields tend to reach a seasonal peak in November and December. The unusually wet weather had been a key factor that drove latex prices to a high of RM9.80 per kilogramme (kg) in late December,” said Leong.
The analyst believed the modest buying seen in 4Q10 was the beginning of a sustainable recovery in demand going into 2011. Customers’ inventory of examination gloves was estimated to have fallen
from the usual four months levels to two months.
Being a basic necessity for the healthcare industry, buying of examination gloves would resume as customers replenish stock levels.
After the softening seen in 2010, global consumption of examination gloves were expected to revert to its trend growth of eight per cent per annum over the next few years.
Meanwhile, the extremely tough operating environment seen over the past six months had forced out smaller producers that did not had the economies of scale and balance sheet strength. Recent deferment of capacity expansion plans by major producers would also reduce the industry’s demand supply imbalance and lift pressure on selling prices.
Contrary to expectations, latex price had continued on its steep uptrend over the past 24 months. It rose another 67 per cent to RM9.80 per kg in late 2010, after a sharp 75 per cent increase to RM5.90 per kg in 2009.
According to the report, erratic weather conditions as well as concerns over demand supply imbalances caused by strong surge in demand for rubber from China and declining supplies due to falling yields from aging trees had made it difficult for industry players to forecast latex prices in the coming year.
“Having said that, many are still hopeful for a pullback from current record high levels. Any easing in latex price would be positive as glove producers believe this would encourage customers to revert to their normal buying patterns,” said Leong.
On the other hand, price adjustment since late October would also help reflate margins. Since late October last year, major glove producers had adjusted selling prices six times to pass on higher raw material costs.
CIRA expected regular price adjustments from hereon as long as latex prices remained on an uptrend.
“Generally, this means improving margins in the months ahead, albeit with a slight lag effect and suggested that price competition from smaller players has abated. Another factor that would help restore margins was the gradual upturn in plant utilisation as orders begin to flow in.”
Leong further pointed out that another positive development was the more stable ringgit as glove producers’ sales revenue were almost entirely denominated in US dollars. After a strong appreciation from RM3.42:US$1 in December 2009 to RM3.06:US$1 in December 2010, CIRA economist expected the local currency to average at RM3:US$1 in 2011.
“This suggests that any adjustments in selling price for high raw material cost would not be offset by currency fluctuations. Glove producers will also have one less headwind to worry about,” Leong concluded.
Share|
Tag :
Topglove
Top Glove feels pinch of latex prices, weak dollar
By Azlan Abu BakarPublished: 2011/01/12
The world's biggest rubber glove manufacturer, Top Glove Corp Bhd's, (7113) first quarter net profit for the period ended November 30 2010 dropped 20 per cent due to persistently high latex prices and weak US dollar.
The group also blamed the lower profit on the time lag in passing on the higher costs to its customers.
Top Glove chairman Tan Sri Lim Wee Chai said the adverse situation, nevertheless, had opened doors for other opportunities, including further consolidation among industry players.
Top Glove will be in the market to buy other glove makers to boost its leading position, Lim told reporters at a media briefing in Kuala Lumpur yesterday.
For the quarter under review, Top Glove's revenue went down 9.2 per cent to RM491.5 million from RM541.4 million in the previous quarter.
Lim said average latex prices had risen 57 per cent from RM4.58 per kg in the first quarter of last year to RM7.20 per kg to date.
"Demand for rubber gloves, which has been normalising, coupled with the excess capacity situation, have impacted the industry," he added.
Lim noted that the average US dollar had weakened against the ringgit by 9.3 per cent (RM3.43 in the first quarter of 2010 versus RM3.11 in the first quarter of 2011).
Customers, he said, had kept their inventory at a minimum level due to the high selling price of latex gloves, which reflected the increasing cost of latex prices.
"We will share some of these higher costs with our customers, even though there will be a time lag for the higher cost to be passed down."
In efforts to mitigate the impact of latex prices, Top Glove will spend an estimated RM160 million to plant rubber trees in Cambodia, its first downstream plantation activity.
Covering a net area of 8,000 hectares and land concession of 70 years, Lim said planting will spread over six years.
Lim said Top Glove was in good position to further enlarge its business when opportunities arise, especially now that the group has a stronger balance sheet position with a net cash of RM342.9 million.
"We feel this is a good year for us to conduct evaluation on several potential latex glove makers for possible merger and acquisition (M&A) activities," he added.
He said backed by an improved economic environment, Top Glove has received feedbacks from several parties that are willing to relinquish their stake in certain companies.
Lim said the M&A activities will only involve companies that can drive stronger growth for the group and have an effective operation to boost productivity.
"We have waited since 2010 to acquire a company that can help boost our position as the world's leading latex glove producer. This year is the time to do so," he said.
Top Glove's production from its 20 manufacturing plants is expected to increase to 41.25 billion pieces per annum by August 2011 based on 459 production lines, compared with the current 33.76 billion pieces based on 379 lines from 17 plants.
Currently, the group exports its products to more than 180 countries.
Three new factories with two in Klang and one in Ipoh, as well as one in Sadao, Thailand, would add 7.5 billion pieces to the expected production by August this year, Lim said.
Read more: Top Glove feels pinch of latex prices, weak dollar http://www.btimes.com.my/Current_News/BTIMES/articles/topgo/Article/index_html#ixzz1AlhMuOfr
The world's biggest rubber glove manufacturer, Top Glove Corp Bhd's, (7113) first quarter net profit for the period ended November 30 2010 dropped 20 per cent due to persistently high latex prices and weak US dollar.
The group also blamed the lower profit on the time lag in passing on the higher costs to its customers.
Top Glove chairman Tan Sri Lim Wee Chai said the adverse situation, nevertheless, had opened doors for other opportunities, including further consolidation among industry players.
Top Glove will be in the market to buy other glove makers to boost its leading position, Lim told reporters at a media briefing in Kuala Lumpur yesterday.
For the quarter under review, Top Glove's revenue went down 9.2 per cent to RM491.5 million from RM541.4 million in the previous quarter.
Lim said average latex prices had risen 57 per cent from RM4.58 per kg in the first quarter of last year to RM7.20 per kg to date.
"Demand for rubber gloves, which has been normalising, coupled with the excess capacity situation, have impacted the industry," he added.
Lim noted that the average US dollar had weakened against the ringgit by 9.3 per cent (RM3.43 in the first quarter of 2010 versus RM3.11 in the first quarter of 2011).
Customers, he said, had kept their inventory at a minimum level due to the high selling price of latex gloves, which reflected the increasing cost of latex prices.
"We will share some of these higher costs with our customers, even though there will be a time lag for the higher cost to be passed down."
In efforts to mitigate the impact of latex prices, Top Glove will spend an estimated RM160 million to plant rubber trees in Cambodia, its first downstream plantation activity.
Covering a net area of 8,000 hectares and land concession of 70 years, Lim said planting will spread over six years.
Lim said Top Glove was in good position to further enlarge its business when opportunities arise, especially now that the group has a stronger balance sheet position with a net cash of RM342.9 million.
"We feel this is a good year for us to conduct evaluation on several potential latex glove makers for possible merger and acquisition (M&A) activities," he added.
He said backed by an improved economic environment, Top Glove has received feedbacks from several parties that are willing to relinquish their stake in certain companies.
Lim said the M&A activities will only involve companies that can drive stronger growth for the group and have an effective operation to boost productivity.
"We have waited since 2010 to acquire a company that can help boost our position as the world's leading latex glove producer. This year is the time to do so," he said.
Top Glove's production from its 20 manufacturing plants is expected to increase to 41.25 billion pieces per annum by August 2011 based on 459 production lines, compared with the current 33.76 billion pieces based on 379 lines from 17 plants.
Currently, the group exports its products to more than 180 countries.
Three new factories with two in Klang and one in Ipoh, as well as one in Sadao, Thailand, would add 7.5 billion pieces to the expected production by August this year, Lim said.
Read more: Top Glove feels pinch of latex prices, weak dollar http://www.btimes.com.my/Current_News/BTIMES/articles/topgo/Article/index_html#ixzz1AlhMuOfr
Tag :
Topglove
控制原料成本借助胶价上涨 顶级手套1.6亿柬购地种橡胶
2011/01/11 6:08:20 PM
●南洋商报
（吉隆坡11日讯）为了进一步控制原料的成本以及从橡胶价格的涨潮中获益，顶级手套（TopGlov，7113，主板工业产品股）决定投资1亿6000万令吉，在柬埔寨购买约8000公顷的土地种植橡胶。
该公司执行董事林将源表示，该公司将会与柬埔寨方面签署经营权合约，以获得将近8000公顷土地的70年经营权，以便栽种橡胶。
1亿6000万令吉的投资，也包括了购买土地、种植、设施等费用。
“由于这是长期投资，若是将这笔投资总值除以投资年数，每年的费用并不会太过显著。”
顶级手套曾在上一次的汇报会上透露，准备进军上游业务，将会在本区域购买橡胶园。
林将源今天在举行股东常年大会前的媒体与分析员汇报会上，宣布上述投资计划。
他指出，由于购买橡胶园的成本过高，所以决定购买土地自行种植橡胶树，预计在6年后开始收成。
投资在上游业务不仅能更有效控制成本，同时也能在橡胶价格飙升的时候套取盈利。
8千万扩丁腈手套业务
除了投资在上游业务，顶级手套主席丹斯里林伟才今天更透露，该公司会耗资8000万令吉扩充丁腈手套业务，其中包括了研发并生产特别手套，譬如：有颜色的产品以及不同大小的手套等。
至于收购其他丁腈手套厂的计划，董事经理李金谋解释道，尽管该公司在去年收到不少献售的建议，惟该公司将会耐心等待并小心决定，以达致最佳成本效益。
林伟才较后也透露，甄选的收购目标，产能至少必须达致每年100亿只手套，上市或非上市公司都可能成为该公司的目标。
目前，丁腈手套占了顶级手套产品组合的10%，该公司设下将丁腈手套份额提高至20%的目标。
胶汁飙升虽打击盈利 维持40%派息率
手套原料胶汁的价格在去年飙升57%，打击了顶级手套的盈利与赚幅，不过，该公司的40%派息率维持不变。
胶汁的价格从去年第一季的平均每公斤4.58令吉，飙升至2011年第一季的平均7.20令吉。
不过，林伟才预测，胶汁价格在未来的6个月内，极有可能从现有的每公斤9.85令吉，滑落至每公斤5令吉。
由于受到胶汁价格以及美元滑落的影响，截至2010年11月30日第一季，该公司净利报3605万令吉，上财年同期为6520万8000令吉，按年下挫44.72%。
16仙股息没问题
尽管如此，该公司并不会因而削减派息率，林伟才表示，将继续保持40%的派息率，并有能力派出与上财年同水平的每股16仙股息。
林伟才解释道，虽然盈利较上财年来得少，不过，顶级手套目前仍有3亿令吉的现金，派发16仙股息是不成问题。
他同时也估计，手套业在今年内会取得10%成长，而手套的需求量则会增加8%。
●南洋商报
（吉隆坡11日讯）为了进一步控制原料的成本以及从橡胶价格的涨潮中获益，顶级手套（TopGlov，7113，主板工业产品股）决定投资1亿6000万令吉，在柬埔寨购买约8000公顷的土地种植橡胶。
该公司执行董事林将源表示，该公司将会与柬埔寨方面签署经营权合约，以获得将近8000公顷土地的70年经营权，以便栽种橡胶。
1亿6000万令吉的投资，也包括了购买土地、种植、设施等费用。
“由于这是长期投资，若是将这笔投资总值除以投资年数，每年的费用并不会太过显著。”
顶级手套曾在上一次的汇报会上透露，准备进军上游业务，将会在本区域购买橡胶园。
林将源今天在举行股东常年大会前的媒体与分析员汇报会上，宣布上述投资计划。
他指出，由于购买橡胶园的成本过高，所以决定购买土地自行种植橡胶树，预计在6年后开始收成。
投资在上游业务不仅能更有效控制成本，同时也能在橡胶价格飙升的时候套取盈利。
8千万扩丁腈手套业务
除了投资在上游业务，顶级手套主席丹斯里林伟才今天更透露，该公司会耗资8000万令吉扩充丁腈手套业务，其中包括了研发并生产特别手套，譬如：有颜色的产品以及不同大小的手套等。
至于收购其他丁腈手套厂的计划，董事经理李金谋解释道，尽管该公司在去年收到不少献售的建议，惟该公司将会耐心等待并小心决定，以达致最佳成本效益。
林伟才较后也透露，甄选的收购目标，产能至少必须达致每年100亿只手套，上市或非上市公司都可能成为该公司的目标。
目前，丁腈手套占了顶级手套产品组合的10%，该公司设下将丁腈手套份额提高至20%的目标。
胶汁飙升虽打击盈利 维持40%派息率
手套原料胶汁的价格在去年飙升57%，打击了顶级手套的盈利与赚幅，不过，该公司的40%派息率维持不变。
胶汁的价格从去年第一季的平均每公斤4.58令吉，飙升至2011年第一季的平均7.20令吉。
不过，林伟才预测，胶汁价格在未来的6个月内，极有可能从现有的每公斤9.85令吉，滑落至每公斤5令吉。
由于受到胶汁价格以及美元滑落的影响，截至2010年11月30日第一季，该公司净利报3605万令吉，上财年同期为6520万8000令吉，按年下挫44.72%。
16仙股息没问题
尽管如此，该公司并不会因而削减派息率，林伟才表示，将继续保持40%的派息率，并有能力派出与上财年同水平的每股16仙股息。
林伟才解释道，虽然盈利较上财年来得少，不过，顶级手套目前仍有3亿令吉的现金，派发16仙股息是不成问题。
他同时也估计，手套业在今年内会取得10%成长，而手套的需求量则会增加8%。
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