都通水小心国家队割韭菜了,切记现阶段有利不套罪大恶极,我们散户套利比国家队快便割不到我们哈哈哈哈哈…………. 闪人不回复………

Remiser告诉我最近很多人中margin call,大家小心………国家队一直在兴风作浪割韭菜………..不一定大户上市老板才会中的,只要你用margin account都有机会中只要你买个股的本钱跌三十便中了……我不玩margin,也没机会用到margin的哈哈哈哈哈…………. 闪人不回复

有玩美股的注意一下Q B T S,美股高人指指点我1月27在5.71买了这只,已涨了很多………….祝有买美股的大赚,我主场还是马股哈哈哈……………..这家在美国生产的………….闪人各位晚安…………..

要约nick去唱K,唱林子祥那首Ali alibaba哈哈哈哈哈………..9988 我的价值投资,我的港币现金在七十几all in 了这只,很久前我有通水的你敢买吗哈哈哈……….. 玩回自己熟悉的股,套利几只大股先哈哈……….. 我也是有止损再买回的………….闪人不回复,晚上才会上来看一眼………..

坐等大家喂我gens业绩……….. 我开车回家先…………各位晚安

这个choppy market玩fifo要玩市值大的公司,尽量少碰仙股,一块以下都是仙股………. 要玩仙股fifo要看准在半小时内定输赢才好入场………. 今天fifo diy 成功哈哈哈哈哈哈哈…………我也想低调可是实力不允许哈哈哈………. 今天gens出业绩还没去看,刚打完麻将准备回家……….. 现金太多也是烦恼,可惜epf最多放一百千哈哈哈……..闪人不回复………各位晚安…………

哈哈哈哈,你们吃太饱了…….. 如果吹水可以赚钱,你们便可以靠吹水为生了,我不奉陪了哈哈哈…………. 记住克服恐惧最好的办法便是面对恐惧哈哈………闪人不回复

Roy相信自己………没信心便不玩…………harta早上开盘没跌我便不玩了,昨天暴跌早上起少少大机率是要抓人的………昨天已通水今天开盘跌才好玩反弹秒套利,开盘前我排了248买入,开盘一起我便delete buy 了,不得空一直盯着要开工………还想玩harta的,248至258和235至238是support zone,给你们参考………闪人不回复等着客户来吃饭哈哈哈哈哈哈哈

Remiser传给我的………闪人不回复

*Key Messages from Harta 3QFY25 Briefing? (UOBKH)*

*Surprisingly negative tones from management, causing share prices of glove stocks declining c.15% during the briefing ?.*

*i) Volume sales:* 7.6b in 3QFY25(+12% qoq). There’s delayed shipment of 300m pieces of gloves order due to port congestion issues. This 300m pieces delayed shipment have carried forward to March quarter (4QFY25) and managed to ship out.

*- Volume sales?.* While volume sales c.2.5b pieces throughout Oct-Dec 24, upcoming Jan-March Q will see a *13-19% volume sales decline.* For 4QFY25 (March Quarter), management guided utilisation rate of 70-75% (from current 86%). This worked out to be c.2.1b-2.2b pcs/month vs 3QFY25’s c.2.5b (Dec 24) volume sales.

*- Volume sales?.* Weaker QoQ volume sales mainly due to frontloaded purchase by US clients, causing excess inventories to only be depleted in April-May. Expect normalisation of purchase pattern from US customers only in 2Q25 (calendar year).

*ii) Capacity ?:* Progressively commissioned new lines in NGC 1.5, and in 3QFY25 running capacity of 37b by end-FY25. Ramp-up costs of this 37b capacity (additional 10 production lines) have been partially factored in 2QFY25 previously, only additional labour cost incurred in 3QFY25.

*iii) Utilisation rate ?:* Utilisation rate +9% qoq to 86% on adjusted capacity of c.35b.

*iv) ASP ?:* QoQ, blended ASP improved c.4% in 3QFY25 to c.US$22.20/1k pcs. Management guided that blended ASP in 4QFY25 (March Q) will likely be flattish, as they are rolling over ASP level and maintain through March-April.

*v) Cost?:* Raw material cost decreased c.5% qoq in 3QFY25, recent months stabilised and easily passed through by higher ASP. Natural gas cost flattish in 3QFY25.

*vi) China competition??:* Channel checks revealed that China players lowered ASP and selling c.US$15 (previously US$16-17) in Europe regions. *China may look to shift their previous aggregate supply to US of c.30b pieces in phases.* Intco building a plant in Indonesia, at stage of building columns, another China players wanted to invest in Indonesia, some looking at Cambodia, or partnership to expand plant in Vietnam or Thailand. Earliest maybe by mid-2026.

*vi) Rationalisation and Rightsizing in Motion?.* Harta is intensifying cost rationalisation, previously carrying additional headcounts (plant 8 and 9) in anticipation on turning on these lines and because gov’s foreign workers quota. Previously foreign workers level kept at highest level possible, now looking to establish rational capacity. *Looking to reduce headcount from 8k to 7k within 2 quarters* (sufficient for 2.3b pcs production/month

*My two cents and views?*

? *Not out of the woods yet?.* Expect selldown in near-term on seemingly challenging outlook and weak 1Q25 (Jan-March) guidance. Believe such trend will be similar across other domestic glovemakers.

? *Maintain HOLD,* our current TP of RM3.66 is under review.

? *While we’ve consistently highlighted our neutral view as opposed to several bullish peers⚖️,* we advocated investors to take profit since Jan 2025. At this level, we’ll be monitoring closely for entry points instead especially after this selldown.

? *Dont follow the herds?.* While 1Q25 earnings may not be great, 2Q25 onwards the restocking activities from US customers will again return, lifting volume sales by c.20-25% off 1Q25’s low base. *Look for entry points again when the coast is clear.*