$Top Glove (BVA.SG)$ Maybank maintained sell with a tp of 57...

Maybank maintained sell with a tp of 57 sen, expecting the glove maker's 3QFY2023 ended May earnings (to be released on Jun 16) to remain in the red.

While Top Glove has managed to raise its ASP, this has had an impact on both sales volume and plant utilisation rate - especially amid an oversupplied market condition. On a positive note, the company expects demand to pick up significantly in 4Q2023 once destocking activities are over.