Date: October 21, 2024
Broker: CGS International Securities Malaysia Sdn. Bhd.

Company Overview

Top Glove Corporation is one of the largest glove manufacturers in the world. The company specializes in the production of various types of gloves, including latex, nitrile, and surgical gloves, serving the healthcare, industrial, and consumer markets globally. Top Glove is recognized for its vast production capacity and strong distribution network.

Recent Stock Performance

• Last Price: RM 1.040
• Top Glove’s stock has faced challenges, currently trading slightly below its entry price. The performance reflects the market’s cautious outlook, but technical analysis suggests there may still be room for recovery.

Technical Analysis

• Entry Price: RM 1.050
• Current Price: RM 1.040
• Stop Loss: RM 0.960
• Target Prices: RM 1.14, RM 1.21

Trading Position

• Current Position: Buy
• Weighting in Portfolio: 6%
• Shares Held: 76,100
• Total Cost: RM 79,905.00
• Market Value: RM 79,144.00
• Profit/Loss: -RM 761.00 (-1.0%)

Trading Recommendation

The stock is retained as a “Buy” in the actively managed portfolio, despite a minor loss. The stop-loss is set at RM 0.960 to limit potential downside risks. Top Glove has target prices of RM 1.14 and RM 1.21, which could be attainable if market conditions improve. Investors are advised to remain cautious but watch for opportunities to capitalize on potential rebounds.

Conclusion

Top Glove Corp remains a stock with potential for recovery, albeit facing near-term challenges. While the company’s global presence and production capacity are strengths, market sentiment has been subdued. Traders should closely monitor price levels and adhere to stop-loss limits, while looking out for signals that could indicate a return to positive momentum.