KUALA LUMPUR: Shares of Top Glove Corp Bhd fell to a two-week low in late morning on Tuesday, June 14 as investors were concerned the glove maker could report a set of weaker earnings for the third quarter on Friday.
At 11.12am, it was down 12 sen to RM5.15 with 198,200 shares done. This was the lowest since May 30.
The FBM KLCI rose 5.64 points to 1,551.52. Turnover was 260.50 million shares done valued at RM324.27 million. There were 252 gainers, 237 losers and 273 stocks unchanged.
AmResearch said in recent report it was maintaining its Sell rating on the glove maker and cut its fair value from RM4.30 share to RM3.90, based on a price-to-earnings of 15 times CY12F earnings ' at parity to the stock's 10-year mean.
'We are again slashing our FY11F-13F earnings forecasts, by 13%-14% this time around. This represents our third earnings downgrade in the past nine months, underpinning our view that earnings have yet to hit the trough,' it said.
AmResearch said it anticipated Top Glove's 3Q results would again undershoot market expectations.
At 11.12am, it was down 12 sen to RM5.15 with 198,200 shares done. This was the lowest since May 30.
The FBM KLCI rose 5.64 points to 1,551.52. Turnover was 260.50 million shares done valued at RM324.27 million. There were 252 gainers, 237 losers and 273 stocks unchanged.
AmResearch said in recent report it was maintaining its Sell rating on the glove maker and cut its fair value from RM4.30 share to RM3.90, based on a price-to-earnings of 15 times CY12F earnings ' at parity to the stock's 10-year mean.
'We are again slashing our FY11F-13F earnings forecasts, by 13%-14% this time around. This represents our third earnings downgrade in the past nine months, underpinning our view that earnings have yet to hit the trough,' it said.
AmResearch said it anticipated Top Glove's 3Q results would again undershoot market expectations.
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