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,But, with Covid-19 vaccinations having come onstream, the excitement has since cooled down and investors have shifted their attention to stocks, deemed as recovery proxies such as banking and retail shares. That said, observers say it is not entirely “game over” for gloves.

PETALING JAYA: Unlike previously, the market hardly batted an eyelid after news of a new glove venture hit the market, suggesting that investors have indeed shifted their focus elsewhere amid the ongoing Covid-19 pandemic.

Pegasus Heights Bhd, a loss-making company involved in property, trading and the food and beverage business, said last week that it was exploring a potential joint venture with glove maker WRP Asia Pacific Sdn Bhd.

To this end, the plan is to inject RM100mil for a 49% stake in the proposed joint venture.

News of this fell flat as the Pegasus stock now trading at 3 sen, hardly moved in response.

This is unlike in the past months, where any glove-related news would have excited investors as they furiously bet on the rapid and rising demand for gloves and related personal protective equipment (PPE), in the wake of the Covid-19 pandemic.

Such exuberance had pushed glove and PPE stocks to multi-year highs.

But, with Covid-19 vaccinations having come onstream, the excitement has since cooled down and investors have shifted their attention to stocks, deemed as recovery proxies such as banking and retail shares.

That said, observers say it is not entirely “game over” for gloves.

“Sentiment has indeed shifted to a recovery play since January but (glove) valuations have become relatively cheap again so downside risks are quite limited.

“Having said that, upside may also be capped due to limited catalysts, ” an analyst with a bank-backed brokerage told StarBiz.

In a note to clients, Hong Leong Investment Bank’s research arm said it met up with the world’s largest glove-maker Top Glove Corp Bhd recently and “ came away feeling positive on the group’s near-term outlook going forward.”

It said Top Glove expects nitrile and powder free natural rubber (NR) glove average selling prices (ASPs) to decline from February and March levels by up to 5%, in April and May.

“Despite this, powdered NR glove ASPs are expected to increase by 3%-5% going forward as powdered NR gloves are mainly sold to emerging nations, which have not rolled out vaccines as quickly as developed nations, ” Hong Leong said.

“All in all, we expect Top Glove’s 3QFY21 earnings to be stronger quarter-on-quarter as 2QFY21 production volumes were affected by the enhanced movement control order or EMCO.”

In the absence of the EMCO impact on production, Top Glove estimates that its 2QFY21 core net profit would have been about RM500mil higher than the RM2.9bil reported, the research house, which has maintained its “buy” call on Top Glove, noted.

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