0229 GMT [Dow Jones] STOCK CALL: Maybank Investment Bank Research says Top Glove's (7113.KU) fiscal 4Q net profit could reach MYR47 million to MYR50 million (+11% to +18% on-quarter), driven by +3% on-quarter expansion in orders, lower interest expenses following retirement of loans, and lower input costs as latex prices down 14% on-quarter; tips full year to August net profit at MYR160 million to MYR163 million. Expects second dividend per share of 8 sen to 9 sen vs 4Q08's 6 sen, due to improved earnings; adds dividend payout should remain at slightly above 20% of net profit (FY08: 22%). Notes Top Glove should also remain in net cash position for 3rd consecutive quarter, with end-May at MYR83 million; keeps Buy with unchanged target of MYR8.30. Results release expected in October. Stock last +0.1% at MYR7.06. (ECH)
Dow Jones Newswires
September 08, 2009 22:29 ET (02:29 GMT)
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