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apple developer account(buyappleacc.com):Glove stocks see red

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,Hong Leong Investment Bank (HLIB) Research, in a recent note, said the global vaccination rollout, especially in major glove consuming countries like the United States and the European Union (EU), has resulted in lower urgency for distributors to pre-book supplies in advance. It said buyers have also become wary of locking-in glove supplies at high prices.(File pic shows gloves manufacturing at Top Glove.)

KUALA LUMPUR: Share prices of Malaysian glove stocks, some of which have plunged more than 50% over the past 12 months, remain weak as global vaccine rollout has begun normalising demand and eroding average selling prices (ASPs).

Hong Leong Investment Bank (HLIB) Research, in a recent note, said the global vaccination rollout, especially in major glove consuming countries like the United States and the European Union (EU), has resulted in lower urgency for distributors to pre-book supplies in advance.

It said buyers have also become wary of locking-in glove supplies at high prices.

“We expect ASPs to trend lower, given the easing tight supply situation and stronger incoming supplies from China over the next three-to-six months.

“Commitment to further improve social compliance practices are also expected to weigh down on the glove makers’ profitability in the short term.”

However, HLIB said the demand for gloves is unlikely to suffer from a sharp decline, despite the Covid-19 situation in some of the major glove-consuming markets having improved.At a media conference earlier this month, Hartalega Holdings Bhd chief business officer Kuan Mun Keng said margins are expected to start normalising by early 2022.

“Similar to other major viral respiratory diseases, health experts believe that Covid-19 will also be seasonal with winter dominance. This implies that a resurgence of Covid-19 cases is likely during winter.

“Furthermore, with Covid-19 potentially becoming an endemic, we reckon that testing activities might become a norm going forward.”

Nevertheless, HLIB said ASPs would continue to decline.

“As evident from the improved situation in the United States and the EU, better vaccination coverage can help prevent severe illness and has also resulted in lesser urgency for distributors to replenish inventories back to its usual two-to-three-months level.

“Buyers are currently also holding back on purchases to avoid stocking up at high prices where glove makers are expecting ASPs to gradually decline by 30% quarter-on-quarter.”

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