I hold 60,000 shares of Top Glove and now see a large loss of $14,500.
I had expected the 1Q 2021 result (ended 30 Nov 2021) to be better than the previous quarter. I thought that their revenue should do well, as the ban from the US had been lifted.
But that did not occur. The revenue and earnings dropped. The suffered a large loss due to the purchase of own shares. It was probably written off during the quarter.
So, the stock price dropped to a 6 month low.
Never mind.
I think that the next quarter should be better. It probably takes a few months for the revenue and profit to improve.
On the other hand, the board had said that the demand will continue to be weak. That was negative
However, with omicron causing more cases around the world, the demand for gloves may improve.
On balance, I decided to buy another 20,000 shares.
Good luck to me.
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