(最新)马来西亚橡胶手套行业研究报告

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1、AsiaASEANMalaysiaIndustrialsFITTResearchCompany6May2010Fundamental,Industry,Thematic,ThoughtLeadingRubberGlovesDeutscheBankCompanyResearch’sInvestmentPolicyCommitteehasdeemedthisworkF.I.T.T.forinvestorsseekingdifferentiatedideas.TheMalaysiangloveindustryisarareproxytorising

2、globalhealthcarespending.Theleadersintheindustrydominatebysheereconomiesofscale,widedistributionnetworksandpricingpower.Ourin-depthindustrysupplyanddemandanalysisunderpinsourBuyratingsonTopGloveandSupermax.GlovingtheworldFundamental:Themarkethasunder-estimated13%demandCAGRt

3、ill2020Industry:GloballeaderstoextenddominanceinagrowingmarketGlobalMarketsResearchThematic:Multi-yeargrowthtrend;globalhealthcarespendingacceleratesThought-leading:DeutscheBank’sin-depthsupply-demandanalysisMichelleFoongResearchAnalyst(+60)320536769michelle.foong@db.comDeu

4、tscheBankAG/HongKongAllpricesarethosecurrentattheendoftheprevioustradingsessionunlessotherwiseindicated.PricesaresourcedfromlocalexchangesviaReuters,Bloombergandothervendors.DataissourcedfromDeutscheBankandsubjectcompanies.DeutscheBankdoesandseekstodobusinesswithcompaniesco

5、veredinitsresearchreports.Thus,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.M

6、ICA(P)106/05/2009AsiaASEANMalaysiaIndustrials6May2010FITTResearchRubberGlovesToppickSupermax(SUPM.KL),MYR6.36BuyGlovingtheworldCompaniesfeaturedTopGlove(TPGC.KL),MYR11.60Buy2009A2010E2011EP/E(x)11.814.212.2MichelleFoongEV/EBITDA(x)7.09.28.0Price/book(x)3.73.63.0ResearchAnal

7、ystSupermax(SUPM.KL),MYR6.36Buy(+60)3205367692009A2010E2011Emichelle.foong@db.comP/E(x)4.49.37.8EV/EBITDA(x)3.57.66.0Fundamental,Industry,Thematic,ThoughtLeadingPrice/book(x)2.32.52.0DeutscheBankCompanyResearch’sInvestmentPolicyCommitteehasdeemedTradingatadiscounttomarketth

8、isworkF.I.T.T.forinvestorsseekingdifferentiatedideas.TheMalaysiangloveindustryisar