TOPGLOV (7113): Stocks Analysis and Forecast 2025

Key Takeaways

• TOPGLOV (7113.BMS) is a Malaysian healthcare stock representing Top Glove Corporation, the world's largest glove manufacturer with a strong export footprint and sector-specific market dominance.
• Analysts note its potential for recovery via export growth, cost reduction, and government budget alignment, though institutional sentiment remains mixed amid technical consolidation and cautious capital flows.
• Recently trading at RM0.635, TOPGLOV’s share price remains under pressure from persistent industry oversupply and weak ASPs, despite a rebound to modest profitability in FY2025.
• Q4 2025 earnings showed revenue gains and a return to profitability, driven by increased production and cost controls; debt levels improved to 23.77%, enhancing financial stability.
• Top Glove reinstated dividend payouts in FY2025 with a modest yield of 0.74%, reflecting a cautious return to distributing earnings after previous financial strain.

What is TOPGLOV (7113.BMS) Stock?

TOPGLOV (7113.BMS) stock refers to the shares of Top Glove Corporation Berhad, the world’s largest glove manufacturer headquartered in Malaysia. Listed on Bursa Malaysia, TOPGLOV stock represents equity in a healthcare-focused company primarily engaged in producing a wide range of gloves including nitrile, latex, surgical, and vinyl gloves for various industries, such as medical, food, and personal care. Founded in 1991, Top Glove has expanded its global footprint with operations across Malaysia, Thailand, and China, supplying to over 195 countries.

As a significant player in the Malaysian healthcare sector, TOPGLOV stock attracts investor interest due to its consistent contribution to the glove manufacturing industry. The company’s revenue stream is fully derived from this industry, emphasizing its specialized market position. Investors typically analyze TOPGLOV shares based on its financial health, free cash flow generation, and operational efficiency. With 11,600 employees and a strong export focus, TOPGLOV continues to remain a key stock in Malaysia’s healthcare and manufacturing equity landscape.

Why Consider Investing in Top Glove (7113.BMS) Stock?

Comprehensive Financial Metrics: Income, Profitability, and Valuation

Top Glove (7113.BMS), the world’s largest glove manufacturer, has shown resilience despite facing price pressures post-pandemic. As of the latest market quote, the company trades at a closing price of RM0.635 with a trailing P/E ratio of 45.36, reflecting cautious optimism. Its earnings per share (EPS) for the last reported year stands at RM0.014, indicating moderate profitability during an industry recalibration phase.

Despite modest earnings, Top Glove holds a solid book value with a Price-to-Book (P/B) ratio of 1.07, suggesting its stock price is closely aligned with its underlying asset value. For income-focused investors, it's notable that while the latest declared dividend is RM0.0048 (payable on 24 November 2025), consistent dividends may be dependent on future earnings recovery.

Analyzing Growth Potential Amid Industry Recovery and Export Momentum

In Q4 of FY2025, Top Glove recorded notable export volume growth, particularly to the U.S., according to analysts from Nanyang Siang Pau. This uptick points to a potential rebound in global healthcare demand and a recovery in market share post-COVID inventory normalisation. Moreover, inclusion under the "Budget 2026" theme highlights the company's relevance in national economic priorities.

The healthcare industry in Malaysia is seen as a defensive play amid global uncertainties. Budget allocations toward public health infrastructure could elevate glove usage domestically, while international export agreements including ongoing Sino-US trade truce (as reported on October 31) may reduce cost hurdles on raw materials like nitrile and latex, benefiting profitability margins.

Institutional Confidence and Flow of Smart Money

Institutional holdings provide vital insight into market sentiment. As of July 2025, institutions collectively hold 33.37% of Top Glove shares. Major stakeholders include the company’s Executive Chairman Wee Chai Lim with 28.49%, and public institutions like the Retirement Fund of Malaysia (6.61%). Despite a recent reduction in holdings by the Retirement Fund (-1.11%), private institutional investors like UBS and Bank of Singapore have maintained their positions.

On the capital flow side, net inflows have fluctuated in recent sessions. For instance, RM1.2 million net inflow on October 30 suggests renewed interest from medium and large traders, followed by a cautious net outflow of RM1.16 million on October 31. Such patterns indicate that institutional traders are watching price support levels carefully before making bigger commitments.

Technical Outlook: Momentum and Key Support Levels

Top Glove's recent technical indicators point to a consolidation phase. The Moving Average Convergence Divergence (MACD) trend reversed from bullish to neutral, suggesting a cooldown in short-term buying momentum. Meanwhile, the 5-day moving average (MA5) has dipped below the MA20, which could prompt technical investors to wait for a clear rebound signal.

According to the Relative Strength Index (RSI), current levels are at 31.56 (RSI6), inching closer to the oversold threshold, signaling potential buy opportunities if followed by price action confirmation. Short-term volatility has softened, with average turnover rates dropping from 0.84% on October 30 to just 0.16% on October 31. Traders watching for breakouts may want to keep an eye on RM0.64 resistance and RM0.625 as support line.

Leadership Stability and Corporate Governance Strength

Top Glove’s leadership, spearheaded by Executive Chairman Mr. Wee Chai Lim and COO Mr. Yong Lin Ng, brings decades of industry experience. The strong founder shareholding (over 28%) suggests alignment between management’s incentives and shareholder returns. Moreover, a diversified board including several independent directors enhances governance transparency, reducing risks commonly associated with single-owner-led corporations.

Such leadership stability can be compared to a ship steered by experienced hands during turbulent waters — investors can expect consistency in long-term strategy and communication.

How to Buy TOPGLOV (7113) Stock in Malaysia

Step 1: Open a Trading Account

To begin investing in TOPGLOV (7113) stock, investors in Malaysia must first open a Central Depository System (CDS) and a trading account with a licensed stockbroker such as moomoo. For Malaysian citizens, required documents typically include a valid MyKad, a recent utility bill or bank statement (to verify address), and proof of income. For foreign nationals, a passport and a local Malaysian bank account may be required along with valid address documentation. The account opening process can vary between 1 to 3 business days depending on the broker’s verification protocol.

Step 2: Fund Your Account

Once your trading account is activated, you’ll need to fund it before purchasing TOPGLOV stock. In Malaysia, common methods include local bank transfers, Interbank GIRO (IBG), FPX (Financial Process Exchange) payments, and select e-wallets supported by your broker. FPX is generally preferred due to its real-time processing and integration with most Malaysian banks, enabling a seamless funding experience.

Step 3: Do Your Research on TOPGLOV Stock

Before investing in TOPGLOV (7113), it is crucial to analyze its stock fundamentals and current market performance. As of the latest data, TOPGLOV is trading around RM 0.635, reflecting recent price volatility and a high P/E ratio of 45.36. The company operates in the healthcare sector and is known for its global glove manufacturing business. Investors should assess recent cash flow data, MACD and RSI indicators for momentum shifts, and monitor long-term financial growth forecasts. Additionally, take note of institutional holdings trends, which show significant influence from stakeholders like Retirement Fund of Malaysia and UBS Asset Management.

Step 4: Place an Order

Once your account is funded and you’ve completed your analysis, placing an order using a trading platform like moomoo is straightforward. Log in to your app, search for "TOPGLOV" or the stock code "7113", and choose between a market order (executes immediately at current price) or limit order (executes at your specified price). Input the number of shares, confirm your trading password if required, and submit your order. After execution, you can monitor your investment directly from your portfolio dashboard.

TOPGLOV (7113) Stock Price Performance

What is TOPGLOV Stock Price?

As of October 31, 2025, Top Glove Corporation Bhd (TOPGLOV) closed at RM0.635, unchanged from the previous trading session. This stabilisation follows a week of price cooling after trading as high as RM0.685 on October 27. Year-to-date, TOPGLOV's stock has shown mild volatility, largely hovering below the RM0.70 mark. Despite a 24.12% forecasted earnings growth and a return to profitability this fiscal year, challenges like oversupply and declining glove average selling prices continue to weigh down sentiment in the healthcare manufacturing sector. Investors remain cautious as Top Glove navigates a maturing market amid increased competition and normalised post-pandemic demand trends.

Historical TOPGLOV Stock Price Movements Analysis

TOPGLOV's recent price movement suggests a weakening momentum. Technically speaking, the daily candlesticks throughout the last 30 trading days reveal a descending pattern with lower highs and lower lows, a typical bearish K-Line formation. The 5-day moving average has dipped below the longer-term 10 and 20-day averages, matching the bearish crossover seen on the MACD and RSI indicators, which now stand at 31.6. Notably, distribution activity persists, evident from a net capital outflow on October 31 of RM1.16M. Unless there’s a catalyst to reinvigorate institutional buying, the stock may test its psychological support around RM0.61. However, the Bollinger Bands suggest the price is nearing its lower band—an indication of potential short-term consolidation, if not a mild rebound.

TOPGLOV (7113) Forecast

Looking ahead, TOPGLOV’s fundamentals point toward a slow recovery. Analysts peg its fair value near RM0.715, indicating an upside potential of around 12.6% from current levels. Still, investor optimism is muted due to thin profit margins (3.79%) and a PE ratio over 45, which makes the stock relatively expensive without strong growth justification. Macro factors such as Budget 2026 healthcare spending and long-term trends about hygiene awareness may provide tailwinds. But until glove ASPs bottom out and Top Glove demonstrates margin resilience, any sustained rally may prove elusive. Traders may find better value through opportunistic entries closer to technical support zones rather than long-term holds at current valuations.

Top Glove (7113.BMS) Earnings

Does Top Glove Release Regular Earnings Reports?

Yes, Top Glove Corporation Berhad (7113.BMS), listed on Bursa Malaysia, consistently publishes quarterly and annual financial reports. These disclosures provide transparency into its operational and financial health, a critical factor for investors evaluating its recovery and growth potential.

When is the Next Top Glove Earnings Date?

The company most recently released its Q4 2025 results on October 9, 2025. Based on its reporting cycle, the Q1 2026 earnings report is expected in early January 2026.

What Were Top Glove's Earnings Last Quarter?

Source: Top Glove Q4 2025 Financial Statements, accessed on 23 October 2025 via official earnings releases

• EPS surged due to the company turning profitable after a net loss in the previous year.
• Net Profit Margin rose sharply, reflecting better cost management and operational efficiency.
• Debt-to-Asset improved to 23.77%, down from 28.03% in Q2, indicating stronger financial health.

What Did We Learn from the Top Glove Earnings Call?

The latest Top Glove Earnings Call revealed that demand recovery, improved cost controls, and higher production utilization (up to 75%) were key contributors to Q4 profitability. Notably, the company reinstated dividend payments, signaling confidence in its financial rebound.

Does Top Glove (7113.BMS) Pay Dividends?

Yes, Top Glove Corporation Bhd (KLSE:TOPGLOV) distributes dividends to its shareholders, reaffirming its role as a consistent dividend-paying constituent of Malaysia’s healthcare sector. Despite undergoing a challenging post-pandemic period marked by weaker glove demand and price normalization, Top Glove has maintained a dividend policy that aims to reward shareholders, aligning payouts with earnings performance and cash flow availability.

While Top Glove’s dividend yield has notably compressed from pandemic-era highs, the company returned to profitability in FY2025, supporting a modest dividend announcement. This performance recovery underscores its ongoing commitment to shareholder returns, albeit at a reduced scale reflective of current market conditions. Investors focusing on income stocks should recognize that although the Top Glove dividend yield is lower than in previous years, the steady payout recovery may signal a more stable financial footing going forward. This dividend-paying trend is particularly significant amid the cyclical nature of the gloves manufacturing industry, where yield sustainability is often tied to global demand cycles.

Dividend Summary of Top Glove (7113.BMS)

The latest Top Glove dividend statistics reveal the company currently provides an annual cash dividend of MYR 0.0048 per share. Based on the stock’s closing price of MYR 0.635 as of October 30, 2025, this equates to a forward dividend yield of approximately 0.74%. The payout ratio stands at 17.49%, reflecting the management's conservative approach to capital distribution after regaining profitability in FY2025. Dividends are disbursed on an annual basis.

• Dividend Yield (TTM): 0.74%
• Annual Dividend: MYR 0.0048 per share
• Payout Frequency: Annually
• Payout Ratio: 17.49%
• Ex-Dividend Date: November 24, 2025
• Dividend Currency: MYR

Dividend History of Top Glove (7113.BMS)

Source: moomoo MY Dividend Data Center

How Top Glove's Dividend Stacks Up Against Industry Peers

In comparison to other healthcare equipment and services stocks listed on Bursa Malaysia, the Top Glove dividend yield of 0.74% currently trails the industry average. Companies in similar segments often maintain average yields between 1.5% and 3%, depending on profitability cycles and payout policies. However, Top Glove’s dividend payouts have historically been more dynamic, mirroring its earnings volatility amid global health crises. During the height of the pandemic in FY2021, Top Glove delivered an extraordinary full-year dividend payout totaling MYR 0.589 per share, far outpacing industry standards.

As Top Glove navigates the shift toward post-pandemic normalization, its cautious but continued dividend distribution differentiates it as a selectively yielding stock in the volatile glove manufacturing space. Investors keen on healthcare dividends should monitor future earnings projections and margin trends, as these will heavily influence Top Glove’s ability to resume higher dividend yields.

Risk Assessment for TOPGLOV (7113.BMS) Stock

In the past three months, Top Glove Corporation Berhad (TOPGLOV) has seen a sharp operational turnaround. The company posted a net profit of MYR 109 million for FY2025, ending a two-year loss streak, with revenue up 38.78% YoY to MYR 3.489 billion (source: 2025FY Profit Statement). However, despite this recovery, investors must weigh several layers of risks that could impact the stock’s future performance.

From a market and industry risk standpoint, the glove manufacturing sector remains oversupplied post-pandemic. RHB Research continues to rate the sector underweight, citing weak pricing power and rising global competition as key challenges. Moreover, even with an improved factory utilization rate at 70–75%, TOPGLOV’s profit margins remain compressed — net profit margin was only 4% in Q4 FY2025. A return to pre-pandemic earnings might not materialize until FY2027, introducing medium-term profitability risk (source: Data 31).

Company-specific liquidity and volatility risks are also relevant. With a PE ratio of 45.36 (as of Oct 31, 2025), the stock is priced at a premium compared to its earnings, signaling investor expectations that may be difficult to meet. This valuation hovers above the industry norm and carries adjustment risk if operational momentum slows. Additionally, the counter recently displayed fluctuating capital flows with significant negative principal net flows on Oct 29 (-MYR 7.98 million), suggesting short-term trading volatility (source: Capital Flow Data).

On the regulatory and ESG front, TOPGLOV must navigate labor-related governance scrutiny. While not explicitly stated in recent disclosures, the company's historical challenges in this area pose latent risks, particularly if global ESG compliance requirements tighten. Furthermore, the strengthening Malaysian Ringgit and low dividend yields (0.00% since 2022, recently declared 0.0048 MYR per share for 2025) present macroeconomic and income-related risks for investors seeking high-yield defensive plays (source: Dividend Data).

Conclusion

Based on the comprehensive analysis of TOPGLOV (7113), the world’s largest glove manufacturer is showing signs of stabilization and a slow recovery in 2025. Despite ongoing industry headwinds such as oversupply and reduced average selling prices, Top Glove has managed to return to profitability with improving margins and a positive earnings trajectory. A notable pick-up in exports, enhanced operational efficiency, and tighter cost management indicate that the company is realigning itself post-pandemic, although its current P/E ratio remains relatively high, pointing to valuation concerns.

From a technical and strategic standpoint, cautious optimism surrounds TOPGLOV stock. Institutional investors are tentatively returning, and its fundamental position in Malaysia’s healthcare sector adds a layer of resilience. However, short-term volatility and low dividend yield suggest that investors should adopt a balanced approach. For long-term investors, this may be an opportune time to begin accumulating shares near support levels (around RM0.625) while monitoring glove demand recovery and quarterly performance. Short-term traders could benefit from observing technical indicators closely for breakout signals. Overall, patience and thorough due diligence will be key when navigating the stock’s recovery journey in 2025 and beyond.