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Where next for Top Glove’s Malaysia share price after soaring 32% in 3 days?

Malaysian glove manufacturer Top Glove Corporation’s share price remains in bullish territory on Tuesday 21 July 2020, three days into the company’s latest price rally. As at 15:00 SGT on Tuesday, the stock – listed on both the Singapore Exchange and Bursa Malaysia, is trading at S$8.24 per Singapore share. It is also currently among…

Top Glove share price: what’s the latest story?

Malaysian glove manufacturer Top Glove Corporation’s share price remains in bullish territory on Tuesday 21 July 2020, three days into the company’s latest price rally.

As at 15:00 SGT on Tuesday, the stock – listed on both the Singapore Exchange and Bursa Malaysia, is trading at S$8.24 per Singapore share. It is also currently among IG’s top ten most traded stocks.

IG’s market analysis show that ‘buys’ form 77% of all trades on the Top Glove counter today. Across the week, ‘buys’ also dominate trades at 54%.

In terms of client outlook, 94% of IG client accounts with open positions in this market expect the price to rise, with the remaining 6% anticipating a price decline.

Meanwhile, its Malaysia shares – tracked by IG’s Malaysia 30 Index – are trading at 24.36 ringgit each.

What caused Top Glove’s recent massive share price surge?

Top Glove’s current share price rally began last Friday 17 July, as the company rebounded from reports a day earlier that two of its subsidiaries were placed under a detention order by US Customs and Border Protection (US CBP).

This means that any disposable gloves distributed by the two entities cannot be sold in the US – which form 25% of Top Gloves’ total sales and orders. However, investor and analyst rumblings about a potential resolution was able to quickly put those concerns to bed.

This allowed Top Gloves’ Singapore and Malaysia stocks to finish the week 16% and 17% higher respectively.

On Monday 20 July, Top Glove’s share price received another boost after it announced the issuance of up to 5,476,974,322 (5.48 billion) bonus ordinary shares to existing shareholders.

The proposed bonus issue will be undertaken on the basis of two bonus shares for one existing new ordinary share, according to a Bursa Malaysia filing.

Following the announcement, Top Glove’s Singapore shares rose nearly 9% to hit a new all-time high of S$8.54, based on IG data.

IG’s industry-leading CFD trading platform allows you to buy long and sell short Top Glove shares without having to trade the actual asset. Start today by opening a live or demo IG account.

The world’s largest glove manufacturer has been one of the top Southeast Asian equity stories this year, as its market capitalisation has skyrocketed over 400% since the start of the year.

The company has been a rare beneficiary of the Covid-19 pandemic, with its disposable rubber gloves in hot demand among both medical and non-medical sectors.

Analysts raise Top Glove average share price target to 33.13 ringgit

Top Glove’s Malaysia shares currently have an average price target of 33.13 Malaysian ringgit per share, based on the eight newest analyst reports and ratings. This equates to a 34.6% upside from the last traded price of 24.60 ringgit.

Public Bank analysts on 21 July reiterated a ‘buy’ rating on the stock, while raising their price targets to 26.70 ringgit. They also increased their price-to-earnings ratio for the stock to 33x (at a +1 standard deviation of its five-year historical mean).

The analysts stated that the bonus issue ‘did not come as a surprise’ as this is ‘seen as a form of reward to existing shareholders’, considering Top Glove’s share price performance this year.

On the point of the US CBP ban, they noted that Top Glove has been requested to perform an audit before the ban can be lifted. ‘We think that Top Glove will likely pass the audit, considering that the group has successfully completed close to 80 audits in CY19,’ they wrote.

Meanwhile, RHB analysts also maintained a ‘buy’ call on Top Glove, alongside a higher target price of 33.30 ringgit per share, up from 28.88 ringgit previously. This represents an over 30% upside and estimated 1% annual yield.

The researchers wrote that they are positive on the stock as they believe the company’s average selling price (ASP) has increased further, with the demand-supply imbalance of gloves still prevalent amid the ongoing Covid-19 pandemic.

‘As a result, we have raised our FY20-22 earnings estimates by 17-68% after raising our ASP estimate,’ they added.

However, an ‘effective’ Covid-19 vaccine that will be made available globally ‘sooner than expected’, as well as a longer-than-expected resolution of the US CBP detention order, are two potential risks of Top Glove’s continued share price performance in the coming months.

How to trade Top Glove shares with IG

Are you feeling bullish or bearish on Top Glove’s share price? Either way you can buy (long) or sell (short) the asset using derivatives like CFDs offered on IG’s industry-leading trading platform in a few easy steps:

  • Create a live or demo IG Trading Account, or log in to your existing account
  • Enter <Top Glove Corporation Bhd.> in the search bar and select the instrument
  • Choose your position size
  • Click on ‘buy’ or ‘sell’ in the deal ticket
  • Confirm the trade
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Daily Financial News

What is the best crypto wallet ?

What is the best crypto wallet_ a hardware wallet, a software wallet, or a mobile wallet_

What is the best crypto wallet: a hardware wallet, a software wallet, or a mobile wallet?

In the early stages of learning how to use Bitcoin, the security question arises: how to ensure your coins remain in your possession? Only by generating and storing keys in a way that can be verified can you be certain. It is impossible to be sure no one else has a copy of your keys unless you know they were created properly and stored offline.

Hardware wallets create your keys offline using a random number generator, so they cannot be logged. Additionally, the keys are kept permanently offline, so they cannot be accidentally shared on a network.

In software wallets and mobile wallets, random number generators are often built into the device the wallet is installed on. Since they use inputs like the current time to calculate randomness, they are difficult to verify and generally not secure. Even if your device generates randomness in a secure manner, host the resulting keys on a networked device, and an attacker can extract, view, or intercept them at any time.

It is transparent to verify that open-source hardware wallets create and store randomness securely, and that your keys are kept offline while being protected from threats like phishing. It is different in the case of open-source Bitcoin wallet though.

In addition to protecting against other vulnerabilities, hardware wallets resolve new attacks both progressively and reactively among security researchers. Supporting bug bounty programs ensures that all types of security issues are regularly checked.

What is the best crypto wallet_ a hardware wallet, a software wallet, or a mobile wallet_

What is the best crypto wallet_ a hardware wallet, a software wallet, or a mobile wallet_

Stay more secure everywhere

Hardware wallets have set a new standard for universal cybersecurity, as we discussed above. According to speculators, the future of the internet – dubbed Web3 – will rely on cryptographically secure keys backed up physically. In the cryptosphere, as well as in everyday business, e-commerce, and social media, hardware wallets are essential.

Your assets and identity are both protected offline when you use a hardware wallet for authentication, so there is no counterparty risk.

As a result of forgetting passwords and changing authenticator devices, security has long relied on third parties. Using the open recovery seed standard, users can backup their accounts safely without relying on a third party and recover accounts from any compatible device. Using Shamir backup, the recovery seed is split into multiple equal parts for stronger security.

Keeping in mind that not just crypto can be targeted is important. Similarly, your data can be leaked, resulting in phishing attacks, hostage situations, or compromised devices arriving by mail.

It has become easier and more affordable for everyone to have verifiable security thanks to hardware wallets.

The base layer of crypto security is hardware wallets

By bridging the digital and physical worlds, hardware wallets create digital keys offline and keep them safe. Crypto assets can be controlled with the keys in many ways, such as two-factor authentication, digital signatures, or two-factor authentication.

With open standards, you can ensure the same level of security across any app you use. As a result, dozens of hardware wallet manufacturers have appeared around the world, accelerating the adoption of crypto security and ensuring standards are maintained to ensure your coins remain yours regardless of wallet.

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Industry News

School4Trading Review – How to Spot Possible Forex Broker Fraud

School4trading Review

School4Trading Review – How to Spot Possible Forex Broker Fraud

In this School4trading Review, we will look at the features of the software, as well as the customer support. First, let us look at the interface. The design is simple and easy to navigate. It also provides a chatbot, which helps you to communicate with the broker. The customer service is warm and inviting, which is a hallmark of a good broker. In contrast, a fraudulent broker will use cold and impersonal customer support to lure people in.

Another problem with the system is that the login process is not always intuitive. You may have to retype your password several times to get in. Then, you may experience difficulties withdrawing your funds or accessing your account. In such cases, you might have to wait for days or even weeks before you can withdraw the money you’ve invested. This is not a good sign. It’s better to choose a different trading platform altogether.

If you’re having trouble logging in, you should also check the legitimacy of the broker. Whether the broker is licensed by a reliable regulatory body or closed down, you’ll want to be sure it’s legitimate. If the broker isn’t licensed by the right body, don’t trust him. You shouldn’t waste your time with an inexperienced company. This will only cause you problems in the long run.

The next factor that should be checked is the licensing. A legitimate broker will have a license from a high regulatory body. However, a broker without a license will be unreliable. Moreover, a reliable regulator will take away the license of a scam broker. As a result, a trustworthy School4Broker/Profittrade review should mention fees, account rules, and contract terms. A scam broker will be unable to operate legally.

Secondly, look for warning signs. The broker should be licensed and regulated by a reliable regulatory body. It should be regulated by a high level. If it doesn’t, it’s a scam. Lastly, it should have a website that lets you easily access your account. Moreover, you should not hesitate to check the contact information. If you find any information that seems suspicious, you should reconsider using the broker.

In summary, Forex trading isn’t easy, but it doesn’t have to be complicated. It’s not as difficult as it seems if you’ve heard about the program. You’ll learn everything about the basics and how to become a professional. But if you’re still unsure about whether this program is right for you, don’t hesitate to contact a school4trading’s website.

The most important thing to remember when it comes to Forex trading is that it’s not easy. While it’s important to have a strong background in trading, there are a number of factors that can affect your success. Having a proper plan is vital in the long run, because you will be trading with real money. And, the platform should be reliable. Otherwise, you’ll end up losing a lot of money.

As we’ve mentioned, Forex is not easy. Investing isn’t something you can do in the comfort of your own home. You need a proven system. There are no free trials, so you’ll have to find a way to do it yourself. This isn’t a scam, and it’s a great way to make money without any help. A Forex system can help you learn the intricacies of the market.

Although the process of learning Forex isn’t an easy one, it’s certainly not impossible. Fortunately, there are many people who are willing to take the time to learn how to trade. But, even the most experienced trader needs to be aware of the risks of the market. While Forex trading isn’t easy, it can be done with the right knowledge. The software’s user-friendly interface is key.

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Daily Financial News

Don’t Count On JPY Correction; Staying Long GBP/JPY

The path of the potential pace of the JPY decline may still be underestimated by markets, which continue trading the JPY long.

While the 10% USDJPY advance from September lows looks impressive from a momentum point of view, it may no thave been driven by Japan’s institutional investors reducing their hedging ratios or Japan’s household sector reestablishing carry trades.

Instead, investors seemed to have been caught on the wrong foot, concerned about a sudden decline of risk appetite or the incoming US administration being focused on trade issues and not on spending. Spending requires funding and indeed the President-elect Trump’s team appears to be focused on funding. Here are a few examples: Reducing corporate taxation may pave the way for US corporates repatriating some of their USD2.6trn accumulated foreign profits. Cutting bank regulation could increase the risk-absorbing capacity within bank balance sheets. Hence, funding conditions – including for the sovereign – might generally ease. De-regulating the oil sector would help the trade balance, slowing the anticipated increase in the US current account deficit. The US current account deficit presently runs at 2.6% of GDP, which is below worrisome levels. Should the incoming government push for early trade restrictions, reaction (including Asian sovereigns reducing their holdings) could increase US funding costs, which runs against the interest of the Trump team.

Instead of counting on risk aversion to stop the JPY depreciation, we expect nominal yield differentials and the Fed moderately hiking rates to unleash capital outflows from Japan.The yield differential argumenthas become more compelling with the BoJ turning into yield curve managers. Via this policy move, rising inflation rates push JPY real rates and yields lower, which will weaken the JPY. Exhibit 12 shows how much Japan’s labor market conditions have tightened. A minor surge in corporate profitability may now be sufficient, pushing Japan wages up and implicity real yields lower.

JPY dynamics are diametrical to last year . Last year, the JGB’s “exhausted”yield curve left the BoJ without a tool to push real yields low enough to adequately address the weakened nominal GDP outlook. JPY remained artificially high at a time when the US opted for sharply lower real yields. USDJPY had to decline, triggering JPY bullish secondround effects via JPY-based financial institutions increasing their FX hedge ratios and Japan’s retail sector cutting its carry trade exposures. Now the opposite seems to be happening. The managed JGB curve suggests rising inflation expectations are driving Japan’s real yield lower. The Fed reluctantly hiking rates may keep risk appetite supported but increase USD hedging costs.Financial institutions reducinghedge ratios and Japan’s household sector piling back into the carry trade could provide secondround JPY weakening effects

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