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Author: gloveharicut   |   Latest post: Tue, 27 Oct 2020, 3:54 PM

 

Hartalega posts 544M record earnings in 2Q

Author: gloveharicut   |  Publish date: Tue, 27 Oct 2020, 3:54 PM


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https://klse.i3investor.com/servlets/stk/fin/5168.jsp


 

https://www.theedgemarkets.com/article/hartalega-2q-net-profit-jumps-rm54496m-versus-rm10387m-year-ago

Hartalega posts record revenue, earnings in 2Q

 

KUALA LUMPUR (Oct 27): Hartalega Holdings Bhd has recorded its best-ever quarterly net profit at RM544.96 million in the second quarter ended Sept 30, 2020 (2QFY21), which is about five times the RM103.87 million posted last year.

Earnings per share likewise surged to 15.95 sen versus 3.09 sen previously, the group’s filing with the local bourse showed.

Quarterly revenue jumped 89.73% to RM1.35 billion from RM709.42 million in 2QFY20.

The group attributed the stellar earnings growth to higher sales revenue, higher average selling price, lower material costs and better production efficiency.

For the cumulative six-month period of FY21 (6MFY21), net profit skyrocketed by a whopping 286.34% to RM764.68 million, from RM197.93 million last year, while revenue rose 67.92% to RM2.27 billion from RM1.35 billion.

Meanwhile, the board has recommended a first interim dividend of 3.85 sen per share to be paid on Dec 18, 2020 with an entitlement date of Dec 4, 2020.

This brings the total dividend payout to 5.95 sen per share for 6MFY21, 2.25 sen higher than the 3.7 sen dividend paid in 6MFY20.

Moving forward, the group said it remains optimistic of the longer-term prospects underpinned by growing demand for rubber gloves and ongoing expansion plans.

It said that in line with the growing demand for rubber gloves globally, the group will continue with its Next Generation Integrated Glove Manufacturing Complex (NGC) capacity expansion plans.

To date, all 12 production lines in Plant 6 of the NGC facility are fully commissioned.

“Plant 7, which caters to specialty products, is expected to begin commissioning in the fourth quarter of year 2020 and will have an annual installed capacity of 2.7 billion pieces. With the progressive commissioning of Plant 7, the group’s annual installed capacity is expected to increase from the current 41 billion to 44 billion pieces by the financial year ending March 31, 2022 (FY22),” it added.

At noon break, Hartalega shares rose 68 sen or 3.85% to RM18.36, bringing its market capitalisation to RM62.86 billion. Some 3.28 million shares were traded. 

 

Labels: HARTA
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Najib Facebook Post comments on GLOVES. What's the message?

Author: gloveharicut   |  Publish date: Mon, 26 Oct 2020, 2:07 PM


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https://www.facebook.com/najibrazak/posts/10157446571305952

Pada zaman BN, Malaysia menjadi pengeluar dan pengeksport sarung tangan terbesar dalam dunia.
 
Syarikat-syarikat sarung tangan diberi pelbagai bantuan, sokongan dan insentif untuk terus berkembang dan menguasai pasaran dunia.
 
Dalam pandemik Covid, sektor ini antara penerima manfaat paling besar pada ketika kebanyakan sektor-sektor lain dan Rakyat tertekan.
 
Keuntungan syarikat Top Glove naik mencecah 18 kali ganda pada suku terakhir berbanding tahun lepas.
 
Saham-saham mereka juga mencanak naik sejak Covid melanda.
 
Kini nilai pasaran Top Glove telah melebihi nilai Tenaga.
 
Namun syarikat-syarikat ini pilih untuk menggunakan durian runtuh ini untuk membeli balik saham-saham sendiri (share buyback).
 
Top Glove berbelanja lebih RM320 juta untuk membeli balik saham sendiri pada bulan September sahaja.
Supermax belanja lebih RM110 juta pada bulan yang sama.
 
Share buyback hanya menguntungkan pemilik dan pemegang saham syarikat. Tidak menguntungkan masyarakat.
 
Sebab itu, saya merayu kepada syarikat-syarikat ini untuk meningkatkan CSR mereka dan lebih menyumbang kepada tabung-tabung Covid Malaysia - terutamanya untuk Sabah pada masa kini.
 
Kerajaan PN juga perlu memberi insentif cukai bagi CSR dan menasihatkan mereka untuk lebih membantu rakyat pada ketika mereka sedang mengaut keuntungan durian runtuh.
 
Masa kita senang, ianya tanggung jawab untuk membantu yang susah.
 
Jasa syarikat-syarikat sarung tangan membantu Rakyat negara sendiri akan dikenang dan dihargai.
 

 

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wkc5657 if he didn't messed up 1mdb, the country would've benefited exponentially...instead of losing many billions and much more untold billions of lost opportunity due to tarnishing the image of the whole country...

mantap hypocrite max level...
26/10/2020 3:10 PM
Vc Looi Maybe you should ask ur brother is call warrant benefit the masyarakat?
26/10/2020 6:49 PM
Morpheus61 Useful compilation. However, all High talk & then bicker among themselves. This affects the market. The RAKYAT. What are they doing about that?
26/10/2020 6:56 PM
jolow Sure windfall tax coming
26/10/2020 7:56 PM
Jokers2020 the pencuri can tell the glove company to help?what about him keep on curi the nation coffer,all family member not paying income tax.
26/10/2020 8:23 PM
izoklse I am so angry with Najib. He trying to influence others UMNO MP to give Anwar chance to become PM. Babi betul la. We don't want Anwar because he work with previous regime DAP & AMANAH. Both are NO 1 enemy of UMNO and PAS and No 1 enemy of MN. We cannot trust Anwar. Sial betul la Najib ni.
26/10/2020 8:28 PM
DickyMe CSR -Corporate Social Robbery is BN's tool of stealing from companies. No wonder Malaysian companies never grew. The profits are robbed and shared among politicians. Shareholders are given crumbs.
26/10/2020 8:45 PM
greedy44444 Windfall tax definitely on budget list this November...take profit now
26/10/2020 10:11 PM
izoklse Najib: Support for Anwar only if it doesn't involve DAP

https://www.malaysiakini.com/news/548213

SOKONG 100%
26/10/2020 10:18 PM
Foker What kind of statement is that? TG and supermax give so much gloves away free but no acknowledgement?
26/10/2020 10:28 PM
Foker He did the 1mdb and now still got face ask money from private companies?
26/10/2020 10:29 PM
DickyMe "
Foker He did the 1mdb and now still got face ask money from private companies?"

====================================================================

It's not him only but the distinct feature of parasitic race who feels entitled for a share of every man's wealth.
27/10/2020 1:33 AM
Vc Looi His brother company cimb loss money on call warrant so cannt tahan topglove and supermx support the share price
27/10/2020 1:45 AM
Layman Former PM's comments do have merits - always good to be able to help out those in need, in our society.
27/10/2020 9:57 AM
ttluck not only companies do CSR la..dun just ISO (I SAY ONLY)..politicians as well...siapa kata bayar million tax tu kacang saja...bantu la rakyat yang sedang susah ni...each MP contribute RM10k..total 222 MP...rasa dpt >RM2juta kot...
27/10/2020 10:31 AM
Joe Ng Glove companies give out so many gloves for free and he didnt acknowledge it. Like he has the moral grounds to judge
27/10/2020 12:00 PM
Keyman188 Aiyo...very obvious Ah Jit gor given hints to current government...

Since glove maker earning too much, is the time to contribute to government...to society during pandemic time...

Another words, given hints to current government is the time to rethink "Tax System" to upload more income to government budget...
27/10/2020 12:06 PM
laychee He hinted he is the major contributor of Topglove's success.

Windfall tax? Maybe.
27/10/2020 12:07 PM
Vc Looi windfall mean what ? sometime that you gain our from rain and wind from the sky ..glove ? drop from the sky ?
27/10/2020 1:41 PM
Joe Ng ppl work so hrd build business and they just take it away....not specifying which race but u know i know lah
27/10/2020 4:36 PM
newbie8080 @ Joe Ng

Please watch your words. We are civilized people of the 21st century.

We are all One Malaysia, there is no space for racism in this country.

Greed is indeed rampant in Msia and worldwide but it does not go by race.

Please take note of that.
27/10/2020 4:46 PM
Foker Ya, ask Robert kuok why he left to Hong kong
27/10/2020 5:02 PM
Foker So mnay rich Malaysians go overseas
27/10/2020 5:02 PM
Foker Newbie, racism? By who? If no racism here, I m sure we would have sign ICERD long ago
27/10/2020 5:04 PM
Keyman188 History can't changed but history can repeat...

Human behaviour & character harder to chang but can retain whole life...

Now you know what Keyman188 meaning....
27/10/2020 5:04 PM
dwee Its allshits!!!!!
27/10/2020 6:41 PM
EatCoconutCanWin Wtf.. he stole billion , now advice to donation.
27/10/2020 8:00 PM
omega @EatCoconutCanWin... kudos served him with your statement...

Apa tolong ??? what they did to Stanley Thai before... sudah lupa ka ?
27/10/2020 8:03 PM
hahalolwtf GLOVE WINDFALL TAX IS COMING!!!!!!

GLOVE WINDFALL TAX IS COMING!!!!!!


GLOVE WINDFALL TAX IS COMING!!!!!!


GLOVE WINDFALL TAX IS COMING!!!!!!


GLOVE WINDFALL TAX IS COMING!!!!!!
27/10/2020 8:24 PM
lamcso Who can Believe or Trust a CONVICTED CRIMINAL
28/10/2020 1:06 AM
bullpiano Pencuri Ah Jib, pls refund all the money to rakyat which u had stolen, fk u.
28/10/2020 9:38 AM
Timercheng Thief r not entitle to talk cos no more credibility. All can give cadangan except pencuri,perompak
28/10/2020 10:21 AM
nickcome508 Naik beli ke?
28/10/2020 10:45 AM

US customs: TOPGLOVE 'making improvements'

Author: gloveharicut   |  Publish date: Sat, 24 Oct 2020, 10:31 AM


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https://www.theedgemarkets.com/article/top-glove-making-improvements-effort-reverse-import-ban-says-us-customs

Top Glove 'making improvements' in effort to reverse import ban, says US customs

 

KUALA LUMPUR (Oct 24): The world's largest medical glove producer, Top Glove Corporation Bhd, has been making improvements in its efforts to reverse an American import ban placed on two of its subsidiaries in July, US authorities said on Friday.

US Customs and Border Protection (CBP) said in an email to Reuters it was engaging with Top Glove as the company worked to rectify signs of forced labour that American authorities had identified in the two units' production processes.

The agency said details of its discussions with the company were confidential, but added: "CBP does assess that Top Glove is taking this matter seriously and is making improvements."

CBP said there was no "normal or specific timeline" for modifying or revoking the ban and it would not do so until all the indicators of forced labour were sufficiently addressed and the company demonstrated that they had been eliminated from the manufacturing process.

Top Glove did not immediately respond to an emailed request for comment sent after business hours on Friday.

The company has publicly neither accepted nor denied the allegations, but has repeatedly said it is engaging with CBP to resolve the issues raised. Last month it submitted an audit report prepared by an independent consultant to the US agency.

This month, Top Glove increased the amount it will repay migrant workers for recruitment fees to RM136 million.

The United States added rubber gloves made in Malaysia to its list of goods produced by forced labour this year, and the Southeast Asian country has said it will continue to monitor rubber manufacturing companies.

 

Labels: TOPGLOV
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kenie https://www.youtube.com/watch?v=1o-gLB5hMzU
24/10/2020 10:30 PM
sensonic WILL MARKET RALLY TOMORROW DUE TO NO STATE OF EMERGENCY ??
25/10/2020 8:11 PM

Music still loud at the GLOVES party

Author: gloveharicut   |  Publish date: Wed, 21 Oct 2020, 11:53 AM


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I am reproducing the The Edge article to my blog.

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https://www.theedgemarkets.com/article/music-still-loud-glove-makers-party

Music still loud at the glove makers' party

 

Music still loud at the glove makers' party. (Photo by Top Glove)

 

KUALA LUMPUR (Oct 21): The craze for rubber glove stocks has yet to dissipate. The evidence of it is that the big four glove makers, namely Top Glove Corp Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd and Kossan Rubber Industries Bhd, are among the top 30 largest stocks in terms of market capitalisation on Bursa Malaysia.

The big four rubber glove counters, collectively, have gained some RM147.42 billion worth of market cap. This is equivalent to 36% of the total market cap increase from all the stocks listed on Bursa Malaysia.

The surge in demand for rubber gloves as a result of the Covid-19 pandemic has translated into exorbitant gains. Never before have glove makers made that much profit.

The glove makers succumbed to heavy selldown in August and the first half of September. Just when some quarters thought that the party was over, their share prices just rebounded and recouped most losses.

The world's largest rubber glove manufacturer Top Glove is now just 34 sen or RM2.76 billion market cap short of becoming the largest counter in Malaysia, based on the closing price on Oct 19.

Top Glove soared 409% to RM9.60 yesterday, valuing the company at RM78.17 billion, while Hartalega surged by 210% to settle at RM19, bringing its market cap to RM65.12 billion.

Supermax seems to be winning the race among the four. Its share price leapt more than 14 times, or 1,336%, to close at RM10.70, while Kossan has climbed 248% at RM8.13.

Both Supermax and Kossan joined the ranks of being the top 30 largest counters on Bursa in July. As a result, Maybank IB Research analyst Wong Chew Hann anticipates that the duo may become the 30-component stocks after the review in November or December, should their current rankings sustain.

Supermax is now the 16th largest counter on Bursa with a market cap of RM27.49 billion, from 124th at the start of this year, while Kossan (valued at RM20.8 billion) has climbed to the 23rd spot from the 62nd.

Among the smaller rubber glove makers, namely Comfort Gloves Bhd, Rubberex Corp (M) Bhd and Careplus Group Bhd, have also enjoyed astronomical gains.

Over the seven-month period, Comfort Gloves grew 677% to RM5.08 (valued at RM2.96 billion), while Rubberex jumped 1,223% to RM2.95 (valued at RM2.36 billion) and Careplus surged 1,880% to RM4.04 (valued at RM2.18 billion).

As their share prices have jumped multiple folds, these three rubber glove makers are now valued at more than RM2 billion. This is in contrast with their market cap of between RM100 million and RM361 million during the March equity rout.

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Goldberg Mah Sing- A New Kid On The Block- A Rising Star

Very interesting article- A must read for MS investors.

https://klse.i3investor.com/blogs/lkp/
22/10/2020 10:29 PM
tips888 I AM SO HAPPY, STRIKE 300 LOT DIY, EXPECT TO GAIN 30K ON MONDAY.
23/10/2020 4:02 PM
Keyman188 OMG...You kena JackPot....

So next week Keyman188 wants to see your show....

...............MR...........D......I............Y............
23/10/2020 5:04 PM

RHB: Low risk of windfall tax on GLOVES

Author: gloveharicut   |  Publish date: Mon, 19 Oct 2020, 9:26 AM


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https://www.theedgemarkets.com/article/rhb-low-risk-windfall-tax-rubber-gove-sector

RHB: Low risk of windfall tax on rubber gove sector

 

KUALA LUMPUR, (Oct 19): RHB Investment Bank Bhd said there is a very low risk of the government imposing a windfall tax on the rubber glove sector.

In a note today, RHB said up to mid-October, there have been no consultations between the authorities and industry representatives to discuss the implementation of such a tax.

Furthermore, unlike a commodity like crude palm oil – where prices are publicly available as the product is generic – there is no standard average selling price (ASP) for gloves, as they come in different types and specifications.

“For example, gloves can be made from nitrile butadiene or natural latex, each with their own cost structures.

“Additionally, clients from different industries – eg healthcare, pharmaceutical, food, and semiconductors – will also require different glove specifications with a wide range of ASPs,” it said.

RHB said the rubber glove industry has been paying corporate taxes and foreign worker levies to the government.

“In line with the higher profits within this sector, we estimate that the tax paid to the government should be at least triple the amount paid during pre-COVID-19 times.

“Lastly, imposing a windfall tax may be counter-productive, as it could encourage local glove makers to adjust their future expansion plans overseas to countries like Thailand and China,” it said.



 

 

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Top Glove says labour issues in US DOL report resolved, seeks quick lifting of import ban

Author: gloveharicut   |  Publish date: Sun, 18 Oct 2020, 9:03 PM


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https://www.theedgemarkets.com/article/top-glove-says-labour-issues-us-dol-report-resolved-seeks-quick-lifting-import-ban

Top Glove says labour issues in US DOL report resolved, seeks quick lifting of import ban

 

KUALA LUMPUR (Oct 18): Top Glove Corp Bhd said it has resolved issues highlighted by the US Department of Labour (DOL) in a report that listed rubber gloves among products manufactured through child or forced labour.

In a statement, the world’s biggest glovemaker reiterated steps it had taken to improve work conditions, which it has submitted to the US Customs and Border Protection to secure an “expeditious resolution and revocation” of the ban on importing its products into the country.

The measures include implementing a zero-cost recruitment policy since January 2019, whereby the company bears all recruitment fees for its foreign workers.

“Top Glove has blacklisted unethical recruitment agents and continues to do so through a robust due diligence procedure, and all business dealings with such recruitment agents will be terminated with immediate effect. Top Glove too continues to educate its workers not to pay recruitment fees to third parties,” it said.

It also said it has started to make remediation payments to its foreign workers over their recruitment fees on a monthly basis, starting August, and expects to conclude repayment in July 2021.

In total, it will pay a total of RM136 million as per the recommendation of an independent consultant.

“Top Glove has duly submitted the necessary information to the US CBP and is following up closely with them, with a view to an expeditious resolution of the matter and revocation of the WRO [withhold release order].

“In the meantime, our gloves will be routed to other countries across the globe to cater to the urgent and overwhelming demand for this highly essential personal protective item,” it said.

Top Glove also said it paid its workers a basic wage of RM1,200 monthly in a “consistent and timely manner” as per Malaysian labour law.

“Nevertheless, the general take-home pay of its workers is more than RM1,600 per month factoring in overtime, which is always performed within the allowable rest-day matrix,” it said, adding it made an unspecified amount of ex-gratia payment to its workers to thank them for their contribution during the pandemic.

The glovemaker also said it does not allow its workers to perform excessive overtime, as per Malaysian labour laws that stipulates a maximum of 104 hours overtime per month and one rest day per week.

“Overtime is solely performed on a voluntary basis and workers are only allowed to perform overtime, if they have not exceeded the daily maximum allowable working hours,” it added.

Top Glove also claimed it is one of the few manufacturing companies that has a zero-harm and safety health emergency preparedness programme, as well as a workers’ health protection programme.

To recap, the US DOL had released ‘2020 List of Goods Produced by Child Labour or Forced Labour’ that included rubber gloves produced in Malaysia, citing reports that said they were produced by forced labour.

The department did not specifically name Top Glove as one of the companies involved.

“Forced labour predominately occurs among migrant labourers from Bangladesh, India, Myanmar, and Nepal working in 100 rubber glove factories throughout Malaysia,” it said, adding that reports indicate around 42,500 migrant workers are employed in these factories.

“Workers are frequently subject to high recruitment fees to secure employment that often keeps them in debt bondage; forced to work overtime in excess of the time allowed by Malaysian law; and work in factories where temperatures can reach dangerous levels.

“Additionally, labourers work under the threat of penalties, which include the withholding of wages, restricted movement and the withholding of their identification documents,” it said.

 

Labels: TOPGLOV
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speakup no wonder Topglove no power today. many ppl sell on good news
19/10/2020 5:37 PM
mach10 don't be naive. it is not a labour issue . it is a political issue.FGV is the target too. US will punish any countries who do not bow to its requests.
19/10/2020 7:37 PM


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