Quick Note - Kossan Rubber (KRI MK) (Neutral) - NBR material prices normalizing, ASPs may follow suit

研报英文原文证据摘录

Quick Note - Kossan Rubber (KRI MK) (Neutral) - NBR material prices normalizing, ASPs may follow suit

Global Markets Research

Kossan Rubber KRIB.KL KRI MK 9 June 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

RatingNBR material prices normalizing, ASPs may follow suit Remains Neutral

Target price MYR 1.26 RemainsQuick Note

Closing price MYR 1.24 8 June 20261Q26 earnings call takeaways

Kossan hosted an earnings briefing earlier today (9 June) following the release of its 1Q26

results on 21 May (refertothisnote). The following are the key takeaways from the

earnings call: Research Analysts

Malaysia Health Care &

• Nitrile (NBR) material prices normalizing following temporary spikes... Pharmaceuticals

Management revealed that NBR material prices had earlier experienced a sharp but Heng Siong Kong - NSM

temporary spike, rising from ~USD700/MT in March to more than doubling to levels of hengsiong.kong@nomura.com

~USD1500-1600/MT in May amid supply disruptions. However, it noted that prices +603 2027 6894

have subsequently stabilized at ~USD1,300/MT in June and are expected to gradually Research Associates

normalize going forward. Management also highlighted that there is currently no

Malaysia Health Care & shortage of NBR material, barring some instances of shortage seen in May.

Pharmaceuticals

• ….as ASPs adjust lower, easing from peak levels: Management indicated that ASPs Shubham Kejriwal - NSFSPL

for NBR gloves underwent a significant hike following the sharp increase in NBR

material prices that rose from ~USD16-18/1,000pcs at end-March to peak levels of

USD26-29/1,000pcs. Following the moderation in NBR material prices, ASPs could

trend downward starting July; currently, ASPs are at ~USD21-24/1,000pcs, according to

management.