|Bid||2.0900 x 0|
|Ask||2.1000 x 0|
|Day's Range||2.0800 - 2.1200|
|52 Week Range||0.5233 - 3.1833|
|Beta (5Y Monthly)||-0.15|
|PE Ratio (TTM)||48.60|
|Forward Dividend & Yield||0.09 (4.41%)|
|Ex-Dividend Date||Dec 24, 2020|
|1y Target Est||N/A|
(Bloomberg) -- Malaysia’s medical glove makers, one of the hottest pandemic trades, have seen bearish bets surge since the Southeast Asian nation lifted a ban on the practice at the start of this year.Since Malaysia’s decision took effect on Jan. 1, stocks worth 1.8 billion ringgit ($447 million) have been sold short, of which more than 90% were glove makers such as Top Glove Corp., according to data from Malaysia’s stock exchange compiled by Bloomberg.The resumption of short selling is spurring volatility and amplifying woes of glove makers already pressured by vaccine rollouts after last year’s nosebleed rally. Top Glove, the biggest in the sector, has lost about a third of its value since a peak in October.“The negative news flow and short selling will add the so far missing counterview in the glove stocks performance,” said Geoffrey Ng, director at Fortress Capital Asset Management Sdn. “It won’t be a one way ticket up.”Top Glove shares fell 1.1% at the close in Kuala Lumpur trading, halting a four-day gain, while Hartalega Holdings Bhd. dropped 2.2% and Supermax Corp. retreated 3.7%.Malaysia early last year introduced a temporary ban on short selling to ease stock volatility sparked by the coronavirus outbreak. The prohibition was later extended to year-end.Top Glove was the most shorted stock by value in the first trading week of this year. Short bets on the glove maker have risen at a time when global investors have increasingly focused on the containment of virus infections among workers at the glove maker.Read: Short-Selling Restart Adds to Woes of Asia’s Hot Pandemic TradeBlackRock Inc. asked for the removal of Top Glove’s board of directors last week citing their inadequate handling of virus outbreaks at company’s plants. The money manager voted against the re-election of glove maker’s six board members and said that it intends to do the same for other incumbent directors in future.(Updates to add closing prices.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Top Glove Corporation Berhad (SES: BVA) is a Malaysian rubber glove manufacturer. The company specializes in face masks, condoms, dental dams, and other products, and operates more than 40 manufacturing facilities in Malaysia, Thailand, China, and Vietnam. It cranks out 90 billion gloves per year and enjoyed steady double-digit revenue growth and 20%+ gross margins […]
Malaysia's Top Glove Corp defended its board on Friday after BlackRock Inc issued a scathing statement, attacking the firm's handling of a coronavirus outbreak and saying it had voted against the re-election of six directors this week. The six independent directors were re-elected at the company's annual general meeting on Wednesday, gaining between 86.5% and 72.3% of shareholder votes. The world's biggest asset manager cited workers' accounts of working and living conditions, the firing of a whistleblower and the virus cluster in its condemnation of the board, and said it would vote against the re-election of other directors at future meetings.