3QFY26 results: Likely lower ASPs: ASPs likely to decline as NBR material prices retrace; maintain Neutral, TP increased to MYR0.73

研报英文原文证据摘录

3QFY26 results: Likely lower ASPs: ASPs likely to decline as NBR material prices retrace; maintain Neutral, TP increased to MYR0.73

Global Markets Research

Top Glove TPGC.KL TOPG MK 18 June 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

Rating3QFY26 results: Likely lower ASPs Remains Neutral

Target priceASPs likely to decline as NBR material prices retrace; Increased from MYR 0.73maintain Neutral, TP increased to MYR0.73 MYR 0.67

3QFY26: Topline boosted by timing-related ASP/NBR material price difference Closing18 June price2026 MYR 0.72

Top Glove’s 9MFY26 core earnings of MYR165.6mn accounted for 96%/105% of our/

Bloomberg consensus’ full-year forecasts, which we deem above expectations. 3QFY26 Implied upside +1.4%

revenue of ~MYR1.1bn increased 9% q-q (+32% y-y), supported by ASP hikes introduced

to mitigate higher NBR (nitrile-based rubber) material prices, with timing differences in Market Cap (USD mn) 1,437.9

price adjustments benefiting 3Q. Blended ASP at USD20-21/1,000 pcs was up 17% q-q in ADT (USD mn) 9.1

response to the surge in NBR material prices. In 3QFY26, ASP for nitrile gloves and

natural rubber (NR) gloves stood at USD21/1,000pcs (+26% q-q) and USD19/1,000pcs, Relative performance chart

respectively. Notably, on the profitability front, in 3Q, EBITDA/EBIT margins improved to

17.5%/10.4% (vs 13.5%/5.9% in 2QFY26), as the company successfully secured stable

supply of NBR material amid recent supply disruptions, contributing to higher production.

Key takeaways from earnings call

Management highlighted during its briefing that the company’s current capacity stands at

68bn pieces p.a., with utilization rates at 86% in 3QFY26 (vs 89% in 2QFY26 and 61% in

3QFY25). It further said that it targets a running capacity of ~72bn pcs by end 4QFY26E