Australian Healthcare "Healthcare Daily: News, research & industry feedback" Low

Research evidence excerpt

Australian Healthcare "Healthcare Daily: News, research & industry feedback" Low

Global Research

19 June 2026ab

Australian Healthcare Equities

AustraliaHealthcare Daily: News, research & industry

feedback Healthcare

David Low

Analyst

david.low@ubs.com

Stocks covered: ANN, CSL, SHL +61-2-9324 2843

James Meares

Competitor results Analyst

james.meares@ubs.com

+61-29-324 3575ANN - "Top Glove Quarterly Results" (Company PR, 18 Jun)

Grace Allen

Associate Analyst

Top Glove, a Malaysian glove manufacturer, reported its May quarter. Key points from its

grace-za.allen@ubs.com

quarterly include: +61-2-9324 2000

Sales strong and profit ahead of consensus: Top Glove achieved +9% QoQ

sales revenue, while volume rose marginally by 1%, YoY sales lifted 32% for the

quarter. The reported profit exceeded both UBSe and consensus (115% and 112%

of full year estimates, respectively).

Prices raised to pass costs to customers, margin improved: The significant

increase in input costs in Q3 FY26 (NBR latex +93% QoQ and NR latex concentrate

+ 27% QoQ) was offset by a 17% ASP lift. EBITDA margin expanded to 20.8% vs.

11.9% in Q2 FY26 and 11.4% in Q3 FY25.

ASPs to normalise: Management indicated that ASP likely peaked in May 2026

and is expected to moderate through June–August in line with normalising raw

material costs, particularly for nitrile.

Sales slowdown expected. Volumes may soften as customers adopt a wait-and-

see approach amid declining prices, albeit demand in-tact supported by ~10%

annual glove consumption growth and more balanced supply-demand dynamics.

Capacity utilisation improving. Top Glove expects its total running capacity to

rise by 10% from an expected 72 billion pieces by end-FY2026, supported by

automation and improved production efficiency.