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Top Glove Bhd

SGX:BVA
Snowflake Description

Adequate balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BVA
SGX
MYR13B
Market Cap
  1. Home
  2. SG
  3. Healthcare
Company description

Top Glove Corporation Bhd., an investment holding company, researches, develops, manufactures, and trades in gloves and rubber goods in Malaysia. The last earnings update was 85 days ago. More info.


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BVA Share Price and Events
7 Day Returns
-2.4%
SGX:BVA
2.1%
Asia Medical Equipment
1.4%
SG Market
1 Year Returns
-16.8%
SGX:BVA
-20.8%
Asia Medical Equipment
-4%
SG Market
BVA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Top Glove Bhd (BVA) -2.4% -0.6% 7.3% -16.8% - -
Asia Medical Equipment 2.1% -6% -8.5% -20.8% 9.8% -7.1%
SG Market 1.4% 0.6% 0.5% -4% 11.3% -6.3%
1 Year Return vs Industry and Market
  • BVA outperformed the Medical Equipment industry which returned -20.8% over the past year.
  • BVA underperformed the Market in Singapore which returned -4% over the past year.
Price Volatility
BVA
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Top Glove Bhd's competitors could be found in our database.

BVA Value

 Is Top Glove Bhd undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Top Glove Bhd to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Top Glove Bhd.

SGX:BVA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 20 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.1%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:BVA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Medical Equipment Unlevered Beta Simply Wall St/ S&P Global 0.85
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.852 (1 + (1- 24%) (16.97%))
0.974
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.97
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.974 * 5.96%)
8.11%

Discounted Cash Flow Calculation for SGX:BVA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Top Glove Bhd is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:BVA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (MYR, Millions) Source Present Value
Discounted (@ 8.11%)
2019 334.00 Analyst x4 308.95
2020 382.03 Analyst x5 326.87
2021 412.37 Analyst x3 326.37
2022 437.28 Est @ 6.04% 320.13
2023 458.80 Est @ 4.92% 310.68
2024 477.77 Est @ 4.13% 299.26
2025 494.90 Est @ 3.59% 286.74
2026 510.74 Est @ 3.2% 273.73
2027 525.71 Est @ 2.93% 260.62
2028 540.13 Est @ 2.74% 247.68
Present value of next 10 years cash flows MYR2,961.03
SGX:BVA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= MYR540.13 × (1 + 2.3%) ÷ (8.11% – 2.3%)
MYR9,517.85
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= MYR9,517.85 ÷ (1 + 8.11%)10
MYR4,364.52
SGX:BVA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= MYR2,961.03 + MYR4,364.52
MYR7,325.55
Equity Value per Share
(MYR)
= Total value / Shares Outstanding
= MYR7,325.55 / 2,557.90
MYR2.86
SGX:BVA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in SGX:BVA represents 0.32136x of KLSE:TOPGLOV
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.32136x
Value per Share
(Listing Adjusted, SGD)
= Value per Share (MYR) x Listing Adjustment Factor
= MYR 2.86 x 0.32136
SGD0.92
Value per share (SGD) From above. SGD0.92
Current discount Discount to share price of SGD1.61
= -1 x (SGD1.61 - SGD0.92) / SGD0.92
-74.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Top Glove Bhd is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Top Glove Bhd's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Top Glove Bhd's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:BVA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-02-28) in MYR MYR0.17
KLSE:TOPGLOV Share Price ** KLSE (2019-06-14) in MYR MYR5.01
Asia Medical Equipment Industry PE Ratio Median Figure of 21 Publicly-Listed Medical Equipment Companies 16.14x
Singapore Market PE Ratio Median Figure of 323 Publicly-Listed Companies 12.74x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Top Glove Bhd.

SGX:BVA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= KLSE:TOPGLOV Share Price ÷ EPS (both in MYR)

= 5.01 ÷ 0.17

29.56x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Top Glove Bhd is overvalued based on earnings compared to the Asia Medical Equipment industry average.
  • Top Glove Bhd is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does Top Glove Bhd's expected growth come at a high price?
Raw Data
SGX:BVA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 29.56x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts
11%per year
Asia Medical Equipment Industry PEG Ratio Median Figure of 6 Publicly-Listed Medical Equipment Companies 1.14x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.59x

*Line of best fit is calculated by linear regression .

SGX:BVA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 29.56x ÷ 11%

2.69x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Top Glove Bhd is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Top Glove Bhd's assets?
Raw Data
SGX:BVA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-02-28) in MYR MYR0.98
KLSE:TOPGLOV Share Price * KLSE (2019-06-14) in MYR MYR5.01
Asia Medical Equipment Industry PB Ratio Median Figure of 26 Publicly-Listed Medical Equipment Companies 1.07x
Singapore Market PB Ratio Median Figure of 431 Publicly-Listed Companies 0.7x
SGX:BVA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= KLSE:TOPGLOV Share Price ÷ Book Value per Share (both in MYR)

= 5.01 ÷ 0.98

5.13x

* Primary Listing of Top Glove Bhd.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Top Glove Bhd is overvalued based on assets compared to the Asia Medical Equipment industry average.
X
Value checks
We assess Top Glove Bhd's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Medical Equipment industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Medical Equipment industry average (and greater than 0)? (1 check)
  5. Top Glove Bhd has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

BVA Future Performance

 How is Top Glove Bhd expected to perform in the next 1 to 3 years based on estimates from 20 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
11%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Top Glove Bhd expected to grow at an attractive rate?
  • Top Glove Bhd's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Top Glove Bhd's earnings growth is expected to exceed the Singapore market average.
  • Top Glove Bhd's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:BVA Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:BVA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts 11%
SGX:BVA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 20 Analysts 10.3%
Asia Medical Equipment Industry Earnings Growth Rate Market Cap Weighted Average 18.6%
Asia Medical Equipment Industry Revenue Growth Rate Market Cap Weighted Average 13.4%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.6%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:BVA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
All numbers in MYR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:BVA Future Estimates Data
Date (Data in MYR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-08-31
2022-08-31
2021-08-31 5,827 724 571 16
2020-08-31 5,160 671 515 20
2019-08-31 4,738 690 462 20
SGX:BVA Past Financials Data
Date (Data in MYR Millions) Revenue Cash Flow Net Income *
2019-02-28 4,740 522 436
2018-11-30 4,538 391 439
2018-08-31 4,214 342 434
2018-05-31 3,900 502 427
2018-02-28 3,669 470 389
2017-11-30 3,562 426 363
2017-08-31 3,409 381 331
2017-05-31 3,229 186 299
2017-02-28 3,032 176 284
2016-11-30 2,874 266 306
2016-08-31 2,889 434 361
2016-05-31 2,876 484 405

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Top Glove Bhd's earnings are expected to grow by 11% yearly, however this is not considered high growth (20% yearly).
  • Top Glove Bhd's revenue is expected to grow by 10.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:BVA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below

All data from Top Glove Bhd Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:BVA Future Estimates Data
Date (Data in MYR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-08-31
2022-08-31
2021-08-31 0.23 0.31 0.20 16.00
2020-08-31 0.21 0.28 0.18 20.00
2019-08-31 0.18 0.19 0.17 17.00
SGX:BVA Past Financials Data
Date (Data in MYR Millions) EPS *
2019-02-28 0.17
2018-11-30 0.17
2018-08-31 0.17
2018-05-31 0.17
2018-02-28 0.15
2017-11-30 0.14
2017-08-31 0.13
2017-05-31 0.12
2017-02-28 0.11
2016-11-30 0.12
2016-08-31 0.14
2016-05-31 0.16

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Top Glove Bhd is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Top Glove Bhd's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Asia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Top Glove Bhd has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

BVA Past Performance

  How has Top Glove Bhd performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Top Glove Bhd's growth in the last year to its industry (Medical Equipment).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Top Glove Bhd's year on year earnings growth rate has been positive over the past 5 years.
  • Top Glove Bhd's 1-year earnings growth is less than its 5-year average (12.1% vs 16.8%)
  • Top Glove Bhd's earnings growth has not exceeded the Asia Medical Equipment industry average in the past year (12.1% vs 19%).
Earnings and Revenue History
Top Glove Bhd's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Top Glove Bhd Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:BVA Past Revenue, Cash Flow and Net Income Data
Date (Data in MYR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-02-28 4,739.86 435.61 336.66
2018-11-30 4,538.33 438.83 336.66
2018-08-31 4,214.48 434.22 336.66
2018-05-31 3,899.55 426.52 285.64
2018-02-28 3,668.61 388.75 283.70
2017-11-30 3,561.71 362.79 283.70
2017-08-31 3,409.18 330.66 283.70
2017-05-31 3,228.88 299.40 211.34
2017-02-28 3,031.50 284.14 211.34
2016-11-30 2,873.82 305.70 211.34
2016-08-31 2,888.52 360.73 211.34
2016-05-31 2,875.85 404.60 120.14
2016-02-29 2,864.77 414.42 120.14
2015-11-30 2,743.16 359.45 218.10
2015-08-31 2,510.51 279.78 218.10
2015-05-31 2,380.18 216.91 306.91
2015-02-28 2,292.98 187.01 306.91
2014-11-30 2,269.01 178.93 208.95
2014-08-31 2,275.37 180.52 208.95
2014-05-31 2,244.41 182.63 166.72
2014-02-28 2,274.50 180.52 166.72
2013-11-30 2,302.65 189.29 166.72
2013-08-31 2,313.23 196.50 166.72
2013-05-31 2,372.40 212.11 172.46
2013-02-28 2,371.61 225.65 172.46
2012-11-30 2,344.19 228.79 172.46
2012-08-31 2,314.45 202.73 172.46

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Top Glove Bhd has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Top Glove Bhd used its assets more efficiently than the Asia Medical Equipment industry average last year based on Return on Assets.
  • Top Glove Bhd's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Top Glove Bhd's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Medical Equipment industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Top Glove Bhd has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

BVA Health

 How is Top Glove Bhd's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Top Glove Bhd's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Top Glove Bhd is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Top Glove Bhd's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Top Glove Bhd's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Top Glove Bhd Company Filings, last reported 3 months ago.

SGX:BVA Past Debt and Equity Data
Date (Data in MYR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-02-28 2,511.25 2,174.48 313.30
2018-11-30 2,492.42 2,258.99 410.45
2018-08-31 2,393.77 2,212.93 347.92
2018-05-31 2,276.08 2,068.85 439.34
2018-02-28 2,111.65 585.26 320.25
2017-11-30 2,105.95 324.41 404.43
2017-08-31 2,064.43 376.39 446.98
2017-05-31 1,907.15 344.65 439.96
2017-02-28 1,909.57 418.48 457.04
2016-11-30 1,906.92 408.69 668.23
2016-08-31 1,825.84 399.43 703.18
2016-05-31 1,761.54 410.89 789.34
2016-02-29 1,778.33 472.22 809.63
2015-11-30 1,749.03 499.12 865.20
2015-08-31 1,614.39 636.03 816.13
2015-05-31 1,477.48 494.65 715.81
2015-02-28 1,456.29 440.58 583.40
2014-11-30 1,454.50 381.68 568.37
2014-08-31 1,397.55 180.72 338.35
2014-05-31 1,344.67 190.18 374.57
2014-02-28 1,350.89 193.96 283.18
2013-11-30 1,431.24 49.87 237.74
2013-08-31 1,357.84 58.39 216.78
2013-05-31 1,343.45 24.77 247.57
2013-02-28 1,341.62 12.01 280.27
2012-11-30 1,345.14 4.37 362.82
2012-08-31 1,279.85 2.98 311.44
  • Top Glove Bhd's level of debt (86.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (14.4% vs 86.6% today).
  • Debt is well covered by operating cash flow (24%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 9.9x coverage).
X
Financial health checks
We assess Top Glove Bhd's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Top Glove Bhd has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

BVA Dividends

 What is Top Glove Bhd's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.7%
Current annual income from Top Glove Bhd dividends. Estimated to be 2.15% next year.
If you bought SGD2,000 of Top Glove Bhd shares you are expected to receive SGD34 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Top Glove Bhd's pays a lower dividend yield than the bottom 25% of dividend payers in Singapore (2.61%).
  • Top Glove Bhd's dividend is below the markets top 25% of dividend payers in Singapore (5.63%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:BVA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
Asia Medical Equipment Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 1.5%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 276 Stocks 4%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.7%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
Singapore Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:BVA Future Dividends Estimate Data
Date (Data in MYR) Dividend per Share (annual) Avg. No. Analysts
2023-08-31
2022-08-31
2021-08-31 0.12 15.00
2020-08-31 0.11 19.00
2019-08-31 0.09 16.00
SGX:BVA Past Annualized Dividends Data
Date (Data in MYR) Dividend per share (annual) Avg. Yield (%)
2018-11-12 0.085 1.706
2018-06-19 0.078 1.431
2017-11-10 0.073 1.629
2017-06-16 0.073 2.506
2016-11-11 0.085 3.306
2016-06-15 0.090 3.867
2015-10-16 0.050 1.874
2015-06-17 0.043 2.248
2014-11-11 0.040 3.161
2013-11-19 0.040 3.168
2013-06-13 0.040 2.619
2012-11-12 0.045 3.146
2012-06-14 0.033 2.463
2011-11-16 0.028 2.365
2011-10-11 0.028 2.609
2011-06-20 0.035 2.881
2010-10-06 0.045 3.420
2010-06-16 0.035 2.245
2010-01-29 0.023 1.460
2009-11-18 0.020 1.599
2009-10-08 0.020 1.930

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Top Glove Bhd's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess Top Glove Bhd's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Top Glove Bhd afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Top Glove Bhd has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

BVA Management

 What is the CEO of Top Glove Bhd's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kim Lee
COMPENSATION MYR83,000
AGE 59
TENURE AS CEO 10.2 years
CEO Bio

Mr. Kim Meow Lee has been the Managing Director of Top Glove Corporation Bhd. since April 7, 2009 and Medi-Flex Ltd. since March 15, 2007. Mr. Lee served as an Executive Officer of Top Glove Corporation Bhd. He served for OCBC Finance Bhd, the finance subsidiary of OCBC Bank Bhd and Asia Commercial Finance Bhd from 1988 to 1991. He has more 15 years of experience in the marketing of financial services and credit control operations in the finance industry. Mr. Lee served as Branch Manager at Asia Commercial Finance (M) Bhd since 1996 before he was promoted as the Personal Assistant to the Group Executive Director of the Lion Group and oversaw the manufacturing, trading and financial services under the Lion’s operation. Mr. Lee joined at Top Glove as General Manager In charge, marketing and promotion of its's products to more than 175 countries worldwide in 1997. He has been an Executive Director of Medi-Flex Ltd. since March 2007. Mr. Lee has been actively contributing to the development of the rubber glove industry in Malaysia as well as the ASEAN region. He has been a Director of Top Glove Corporation Bhd. since October 15, 2003. He served as an Executive Director of Top Glove Corporation Bhd. since August 6, 2007. He was a board member of the Malaysian Rubber Board (MRB) and the Tun Abdul Razak Research Centre (TARRC) from 2010 to 2011. He has been Trustee Board Member of the Malaysian Rubber Export Promotion Council (MREPC) since 2002. He was President of the Malaysian Rubber Glove Manufacturers' Association (MARGMA). He is actively involved in the local Malaysian Rubber Glove Manufacturers' Association (MARGMA). He has been Chairman of Asean Rubber Glove Manufacturers' Association (ARGMA) since 2013. He is Trustee of Top Glove Foundation. In 1991, Mr. Lee obtained his Bachelor of Law Degree from the University of London (External Degree). He obtained his Bachelor of Commerce Degree from the University of New South Wales, Australia in 1982 majoring in Accounting, Finance and Information Systems.

CEO Compensation
  • Insufficient data for Kim to compare compensation growth.
  • Kim's remuneration is lower than average for companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the Top Glove Bhd management team in years:

10.2
Average Tenure
59
Average Age
  • The average tenure for the Top Glove Bhd management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Wee Lim

TITLE
Founder & Executive Chairman
COMPENSATION
MYR3M
AGE
59

Kim Lee

TITLE
MD & Director
COMPENSATION
MYR83K
AGE
59
TENURE
10.2 yrs

David Lim

TITLE
Executive Director
COMPENSATION
MYR88K
AGE
56

John Lim

TITLE
Executive Director
COMPENSATION
MYR814K
AGE
53

Jeremy Liew

TITLE
Senior General Manager of Finance
AGE
59

Phattaraporn Chaisiri

TITLE
Senior Accounts and Finance Manager

Chong Wong

TITLE
Head of Factory 11 & Executive Director of Manufacturing
AGE
46

Siew Chua

TITLE
Company Secretary
AGE
60

Mun Yee Chin

TITLE
Company Secretary
TENURE
11.2 yrs

Keat See Lim

TITLE
Joint Secretary
TENURE
1 yrs
Board of Directors Tenure

Average tenure and age of the Top Glove Bhd board of directors in years:

12.8
Average Tenure
59.5
Average Age
  • The average tenure for the Top Glove Bhd board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Kim Lee

TITLE
MD & Director
COMPENSATION
MYR83K
AGE
59
TENURE
15.7 yrs

David Lim

TITLE
Executive Director
COMPENSATION
MYR88K
AGE
56
TENURE
18.8 yrs

John Lim

TITLE
Executive Director
COMPENSATION
MYR814K
AGE
53
TENURE
12.8 yrs

Han Lim

TITLE
Senior Independent Non Executive Director
COMPENSATION
MYR109K
AGE
60

Wee Lim

TITLE
Founder & Executive Chairman
COMPENSATION
MYR3M
AGE
59
TENURE
18.8 yrs

Noripah Binti Kamso

TITLE
Independent Non-Executive Director
COMPENSATION
MYR94K
AGE
61
TENURE
4.3 yrs

Norma Binti Mansor

TITLE
Independent & Non Executive Director
COMPENSATION
MYR95K
AGE
60
TENURE
2.1 yrs

Siew Tong

TITLE
Non Independent Non Executive Director
COMPENSATION
MYR73K
AGE
60
TENURE
18.8 yrs

Rainer Althoff

TITLE
Independent Non-Executive Director
COMPENSATION
MYR91K
AGE
72
TENURE
6.3 yrs

Sharmila Sekarajasekaran

TITLE
Independent Non-Executive Director
COMPENSATION
MYR96K
AGE
50
TENURE
4.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
15. Feb 19 Buy Norma Binti Mansor Individual 14. Feb 19 14. Feb 19 4,000 SGD1.62 SGD6,478
X
Management checks
We assess Top Glove Bhd's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Top Glove Bhd has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

BVA News

Simply Wall St News

BVA Company Info

Description

Top Glove Corporation Bhd., an investment holding company, researches, develops, manufactures, and trades in gloves and rubber goods in Malaysia. The company offers latex, nitrile, thermoplastic elastomer, cast polyethylene, vinyl, and polyisoprene surgical gloves. It also produces and sells concentrate latex, formers, chemicals, chemical compounds, rubber dental dams, exercise bands, condoms, and rubber related products. In addition, the company is involved in the property investment; plantation of rubber tree; and generation and supply of energy and electricity using biomass technology. Further, it provides management, and clinical and medical services. The company also exports its products to 195 countries in North America, Latin America, Europe, Africa, Asia, and Oceania. Top Glove Corporation Bhd. was founded in 1991 and is based in Shah Alam, Malaysia.

Details
Name: Top Glove Corporation Bhd.
BVA
Exchange: SGX
Founded: 1991
MYR4,214,258,795
2,557,897,948
Website: http://www.topglove.com
Address: Top Glove Corporation Bhd.
Top Glove Tower,
Level 21,
Shah Alam,
Selangor, 40170,
Malaysia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
KLSE TOPGLOV Ordinary Shares Bursa Malaysia MY MYR 27. Mar 2001
SGX BVA Ordinary Shares Singapore Exchange SG SGD 27. Mar 2001
OTCPK TGLV.Y SPONSORED ADR Pink Sheets LLC US USD 30. Dec 2005
Number of employees
Current staff
Staff numbers
18,000
Top Glove Bhd employees.
Industry
Health Care Supplies
Healthcare
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/15 13:01
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/05/16
Last earnings filing: 2019/03/22
Last earnings reported: 2019/02/28
Last annual earnings reported: 2018/08/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.