RHBInvest Research

APM Automotive:

Visit Note

¨ Near Term Headwinds To Cap Share Price

¨ We are downgrading our call to Market Perform (from Outperform) and trim our fair value to RM5.50 (from RM6.10).



Sector Call



Rubber Glove: Improvement In Sentiment On The Back Of Falling Latex Prices

Sector Update

Top Glove Market Perform (FV: RM5.38)

Kossan Outperform (FV= RM5.12)

Adventa Outperform (FV=RM3.63)

Hartalega Market Perform (FV=RM6.14)



¨ Maintain neutral stance on the sector. Kossan remains our top pick thanks to its cheap valuation and for its well-regarded management.



Corporate Highlights



Top Glove:

Results Note

¨ Margin Boost From Latex Price Could Lift 2HFY11 Earnings

¨ Our fair value has been raised to RM5.38 (from RM4.10) and as such, we upgrade our call on the stock to Market Perform from Underperform.