Top Glove Corp Bhd, the world’s biggest, slid 5.5% in a fifth day of losses yesterday, taking its February loss to more than 20%, set to be the worst for any month since March 2008. KUALA LUMPUR: A rout in Malaysian glove makers is deepening, sending valuations for some companies to record lows. Top Glove Corp Bhd, the world’s biggest, slid 5.5% in a fifth day of losses yesterday, taking its February loss to more than 20%, set to be the worst for any month since March 2008. The stock is trading at 6 times 12-month forward earnings, from a record high of 43 times in May. Supermax Corp, (file pic of factory below) which surged 784% last year, is down 24% this month and trades at 4.8 times. More than US$5bil (RM20.21bil) in market value has evaporated in February alone for Malaysia’s top four glove makers as global vaccine rollouts accelerate and short sellers swarm these pandemic winners.Malaysia started its own Covid-19 vaccination campaign yesterday, further dampening sentiment. “There is a narrative around ‘re-opening’ which has definitely impacted sentiment, ” said Ross Cameron, a Tokyo-based fund manager of Northcape Capital Ltd, who has been investing in glove makers for more than a decade.“But the fundamentals for the glove sector remain strong and valuations are as cheap as we have seen for a decade.” The slump is a far cry from months ago when glove stocks became one of Asia’s hottest trades at the height of the global pandemic and helped spur a comeback by amateur investors. That helped catapult volumes in Malaysia’s stock market to record highs last year. — Bloomberg
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