=MARKET BUZZ: Malaysia’s Top Glove Up; No Aspion Charge A Positive Surprise-HLIB
KUALA LUMPUR (Oct 11) -- Top Glove Corp. up 1.7% at MYR10.68; shares had earlier opened 2.9% down at MYR10.20. Net profit grew 7.5% in 4Q from a year earlier as sales volume growth outweighed higher tax expense. Stock is "very, very expensive" at current levels (over 30.5x P/ 2018E based on consensus forecast) but "continues to deliver," says Sheikh Abdullah, analyst at Hong Leong Investment Bank; potential inclusion in KLCI in Nov. review could drive share price higher. Views 4Q "a good set of results." Notes, no impairment charge for Aspion asset a positive surprise, keeps Hold rating with MYR9.92 target price pending analyst briefing. Peers Supermax Corp. gains 3.3% while Hartalega Holdings up 1%.
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