TOP GLOVE CORPORATION BHD

Investor Presentation
23rd April 2021

The World’s Largest Manufacturer of Gloves

Bursa Malaysia : 7113 SGX : BVA Reuters : TPGC.KL Bloomberg : TOPG MK ADR United States : TGLVY Page 1/34
 TOP GLOVE BUSINESS ETHICS CLAPS
Ready, 1 2 3

Claps, 2x 3x 2x
Initiated By: Tan Sri Dr. Lim Wee Chai @ 17/07/2017
Revised By: Ng Kai Yee @ 21/09/2020
Verified By: Melissa Cheoh @ 21/09/2020 Page 2/34
 Top Glove Corporation Bhd. (“Top Glove”) at a glance
World’s largest manufacturer of gloves

World largest Current market

manufacturer of capitalisation(1) of
Nitrile, Natural Rubber RM 45.86bn, 1HFY2021
USD 11.16bn Revenue RM10.1bn, USD2.5bn
and Surgical gloves
PAT RM5.3bn, USD1.3bn

About 2,000 Over 21,000

96 billion gloves pa customers employees
47 factories across 195
784 production lines countries
(As at Apr 2021)

Source: Bloomberg
Notes:
(1) Market capitalisation as at 23 April 2021.
Page 3/34
 From Humble Origins to Global Leader
30 years track record of excellence
• Revenue over RM4bn • World Largest
• Implementation of Artificial Manufacturer
Intelligence (AI) Empowered of Nitrile
Vision Inspection System Gloves
Secondary • Acquisition of Aspion, Eastern
listing on
• Commenced
Press, Duramedical. operations in
Singapore
Acquired a Stock • World Largest Manufacturer Vietnam
• Commenced World Largest marketing arm Exchange of Surgical Gloves
operations in Manufacturer of in Germany to (“SGX”)
Thailand Natural Rubber extend sales in
• Listed on the Second Gloves Europe 2020
2019
Board of Kuala 2018
Lumpur Stock 2017
Started as a Exchange (“KLSE”) 2016
2013
local business
enterprise 2007 2011
2004 • Launched BioGreen
2002 Biodegradable Gloves
2001 • Revenue over • Implemented
1994 Established first
RM3bn Manufacturing
• Commenced
1991 dedicated Group condom
Execution System
• Revenue over (MES) and Advanced
R&D Centre to business in Auto Packing Machine
RM1bn
drive innovation July 2018
• Commenced • Acquisition of a
operations in China majority stake
• Transferred to the in Medi-Flex
First overseas foray
and established a Main Board of
marketing arm in the KLSE
USA
Page 4/34
 Top Glove’s Distribution Across 195 Countries
Distribution
 7 distribution hubs globally Germany China
USA
 Over 1,600 customers
 Comprising distributors across 195 countries
 A geographically diverse customer base
 An OEM manufacturer in every region
 Top 20 customers represent c.30% of total
revenue
 No single customer contributes more than
4% of revenue

1HFY21 Sales Volume Breakdown

Vietnam

Thailand

Malaysia

Legend:
Brazil Distribution hub

Page 5/34
 Healthcare spending will continue increase for emerging market

Strong growth opportunity as developing

countries usage is low but with large
population.

High population
High glove usage in Low glove usage in developing countries
developed countries. in developing
will contribute to the
countries.
glove demand.

Source: Frost and Sullivan, Mar 2021 Source: Frost and Sullivan, Mar 2021
[1] Germany and United Kingdom refer to 2019 data
Page 6/34
 Strategically Aligning Our Product Mix with Market Demand

Product mix by volume from Product mix by revenue

FY2011 to 1HFY2021 for 1HFY2021
Global market
60% 55% position

50% 47%

40%
43% 44% Nitrile glove 1st
30% 26% 26%
22% 24%
20%
20% 20%
20%
Latex powder-free glove
Latex powdered glove 1st
11%
10% 9% 8% 10%
7% Vinyl/TPE/CPE

1% 2% 3%
0% 2% Surgical glove
1st
FY2019
FY2020
FY2011
FY2012
FY2013
FY2014
FY2015
FY2016

FY2018

1HFY21
FY2017

Page 7/34
 Continuous Growth in Manufacturing Capabilities
To commence Number of production lines Capacity, Existing facilities
production by Country Glove Type 1 Double Former (DF) Line pcs per Total: 47 Factories
= 2 Equivalent Single Former (SF) Lines Malaysia
Calendar Quarter annum • Headquarters
Current: 36 glove factories All 784 Equivalent Single Former Lines 96 bn • 32 Glove Factories
• 3 Chemical Factories
2021 2 nd Quarter • 1 Glove Former
Thailand Nitrile / Latex 14 DF lines 4.2 bn • 2 Packaging Factories
(Apr'21 to Jun'21) • 1 Dental Dam Factory
Nitrile / Latex 20 DF lines 6.0 bn • 1 Condom Factory
2021 3 rd Quarter Malaysia • 1 Mask Factory
Surgical 2 DF lines 0.6 bn Producing:
(Jul'21 to Sep'21) PVC 2 DF lines
China 0.6 bn 1) Latex & Nitrile Examination Gloves
th
2021 4 Quarter Malaysia Nitrile / Latex 3 DF lines 0.9 bn 2) Surgical, Household, Cleanroom
Gloves
(Oct'21 to Dec'21) Vietnam PVC 10 DF lines 2.7 bn 3) CPE/TPE Gloves
Total new capacity in Calendar Year 2021 51 DF lines 15 bn (+16%) 4) Former & Chemical Manufacturing
5) Dental Dam
Grand total by 31 December 2021 : 39 glove factories 886 Equivalent Single Former Lines 111 bn 6) Condom
7) Mask
2022 1 st Quarter Thailand
Malaysia Nitrile / Latex 52 DF lines 15.6 bn • 2 Latex Concentrate Plants
(Jan'22 to Mar'22) • 2 Glove Factories
2022 2 nd Quarter Malaysia 28 DF lines 8.4 bn Producing:
Nitrile / Latex 1) Latex Examination Gloves
(Apr'22 to Jun'22) Thailand 14 DF lines 4.2 bn 2) Latex Concentrate
2022 3 rd Quarter China
Vietnam PVC 10 DF lines 2.6 bn • 1 Glove Factory
(Jul'22 to Sep'22) Producing:
2022 4 th Quarter 1) Vinyl Gloves
Malaysia Nitrile / Latex 14 DF lines 4.2 bn
(Oct'22 to Dec'22) Vietnam
• 1 Glove Factory
Total new capacity in Calendar Year 2022 118 DF lines 35 bn (+32%) Producing:
1) Vinyl Gloves
Grand total by 31 December 2022 : 43 glove factories 1,122 Equivalent Single Former Lines 146 bn
Page 8/34
 Continuous Growth in Manufacturing Capabilities (Con’t)
To commence Number of production lines Capacity,
production by Country Glove Type 1 Double Former (DF) Line pcs per
Calendar Quarter = 2 Equivalent Single Former (SF) Lines annum
2023 1 st Quarter
Malaysia Nitrile / Latex 12 DF lines 3.7 bn
(Jan'23 to Mar'23)
2023 2 nd Quarter
Malaysia Nitrile / Latex 7 DF lines 2.1 bn
(Apr'23 to Jun'23)
2023 3 rd Quarter Nitrile / Latex 52 DF lines 15.6 bn
Malaysia
(Jul'23 to Sep'23) Surgical 4 DF lines 1.2 bn
2023 4 th quarter Vietnam PVC 10 DF lines 2.7 bn
(Oct'23 to Dec'23) Malaysia Nitrile / Latex 12 DF lines 3.7 bn
Total new capacity in Calendar Year 2023 97 DF lines 29 bn (+20%)
Grand total by 31 December 2023 : 44 glove factories 1,316 Equivalent Single Former Lines 175 bn

2024 1 st quarter Malaysia 14 DF lines 4.4 bn

Nitrile / Latex
(Jan'24 to Mar'24) Thailand 30 DF lines 9.2 bn
2024 2 nd quarter
Malaysia Nitrile / Latex 7 DF lines 2.2 bn
(Apr'24 to Jun'24)
2024 3 rd quarter
Malaysia Nitrile / Latex 24 DF lines 7.4 bn
(Jul'24 to Sep'24)
2024 4 th quarter Vietnam PVC 10 DF lines 3.1 bn
(Oct'24 to Dec'24) Malaysia Nitrile / Latex 12 DF lines 3.7 bn
Total new capacity in Calendar Year 2024 97 DF lines 30 bn (+17%)
Grand total by 31 December 2024 : 47 glove factories 1,510 Equivalent Single Former Lines 205 bn
Page 9/34
 Cost of Production and Raw Material Price Trend
1HFY21 Cost Breakdown Raw Material Price Trend

a) Nitrile latex price declined 9% from Jan21 to Mar21, but increased 8% in Apr21
and expect May21 to be down by 2%.
b) Natural Rubber price to increase due to wintering season.
c) Natural gas tariff decreased by 34% for the period of 1/1/2021 to 31/3/2021 but
increased by 21% for the period of 1/4/2021 to 30/6/2021.
d) Electricity tariff reduced by 6% for the period of 1/1/2021 to 30/6/2021. Page 10/34
 Excellent Performance in 2QFY21 ended 28 Feb 21
Strong Revenue contributed to excellent results for Top Glove
 1HFY21 PAT of RM 5.3 bil exceeded past 20 years (FY2001 to FY2020) of RM 5.14 bil.
 Highest dividend declared to 1HFY21 of RM 3.3 bil.

Revenue, RM’mil EBITDA, RM’mil & margin % PAT, RM’mil & margin %
66.2% 70.5% 50.2% 54.1%
YoY: +336% 5,365 16.6% 9.4%
4,759 QoQ: YoY: +1,755% YoY: +2,402%
+13% 3,785 2,902
3,149 2,387
QoQ:
QoQ:
+20%
+22%
1,230 204 116
2QFY20 1QFY21 2QFY21 2QFY20 1QFY21 2QFY21 2QFY20 1QFY21 2QFY21

Earnings Per Share, sen Dividend Per Share, sen

25.2
YoY: +2,006% 35.8
29.0 QoQ: 16.5 QoQ:
+23% 11.8 +53%

1.7

2QFY20 1QFY21 2QFY21 FY20 1QFY21 2QFY21 Page 11/34

 Stellar performance for 2QFY2021

Results of operations in 2QFY2021 primarily as a result of the following :

1) Increase sales and revenue consequent to strong demand for gloves arising from the
pandemic
2) Operational flexibility to maintain high utilisation rates to meet increase demand
3) Higher ASPs inline with strong market demand
4) Alignment of product mix to meet market demand, which increased gross margin

Page 12/34
 Stellar 2QFY21 quarter result ended 28/2/21
2QFY21 1QFY21 Variance 2QFY20 Variance
1/12/20 to 28/2/21 1/9/20 to 30/11/20 2QFY21 vs 1QFY21 1/12/19 to 29/2/20 2QFY21 vs 2QFY20
Revenue, RM’mil 5,365 4,758 1,230
13% 336%
Revenue, USD’mil 1,326 1,176 304
EBITDA, RM’mil 3,785 3,149 204
20% 1,755%
EBITDA, USD’mil 935 778 50
EBITDA margin 71% 66% 17%
PBT, RM’mil 3,725 3,085 130
21% 2,765%
PBT, USD’mil 920 762 32
PBT margin 69% 65% 11%
PAT, RM’mil 2,902 2,387 116
22% 2,402%
PAT, USD’mil 717 590 29
PAT margin 54% 50% 9%
EPS, sen 35.8 29.0 1.7

2QFY21 Highlights:
1) Strong growth in sales quantity of 19% YoY.
2) Higher operational efficiency from ongoing machine upgrading and productivity enhancement.
3) Improvement in ASP of 24% QoQ and 276% YoY inline with market prevailing price.
4) NR latex up 16% QoQ and up 34% YoY.
5) NBR latex up by 63% QoQ and up 114% YoY.
Page 13/34
 1HFY21 half yearly result ended 28/2/21
1HFY21 1HFY20 Variance
1/9/20 to 28/2/21 1/9/19 to 29/2/20 1HFY21 vs 1HFY20
Revenue, RM’mil 10,124 2,439
315%
Revenue, USD’mil 2,501 603
EBITDA, RM’mil 6,934 400
1,634%
EBITDA, USD’mil 1,713 99
EBITDA margin 69% 16%
PBT, RM’mil 6,810 256
2,560%
PBT, USD’mil 1,682 63
PBT margin 67% 11%
PAT, RM’mil 5,289 228
2,220%
PAT, USD’mil 1,307 56
PAT margin 52% 9%
EPS, sen 64.8 3.1
1HFY21 performance highlights:
a) Strong growth in sales quantity of 25% vs 1HFY20.
b) Positive contribution from Nitrile segment with higher sales volume of 16% and better margins vs 1HFY20.
c) Improvement in operational efficiency from ongoing improvement.

Raw Material Price:

a) Latex price increased by 26% vs 1HFY20.
b) Nitrile price increased by 68% vs 1HFY20. Page 14/34
 High Growth Company Since Listing in 2001
Double the Size Every 3 Years with Revenue CAGR of 28%
Over 20 years since listing in 2001:
Compound Annual Growth Rate, CAGR
Average PAT margin
Revenue PAT
in RM’mil in RM’mil
31 August Financial Year End 28% 38% 25%
in RM’mil 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1HFY21

Revenue 1,529.1 2,079.4 2,053.9 2,314.5 2,313.2 2,275.4 2,510.5 2,888.5 3,409.2 4,220.7 4,801.1 7,237.4 10,123.8
EBITDA 287.5 364.7 196.7 297.7 310.6 301.8 441.7 524.7 489.3 694.0 687.5 2,421.5 6,934.0
EBITDA
18.8% 17.5% 9.6% 12.9% 13.4% 13.3% 17.6% 18.2% 14.4% 16.4% 14.3% 33.5% 68.5%
margin
PBT 222.0 305.0 145.5 240.7 242.2 216.3 363.5 442.2 393.4 522.8 423.6 2,165.6 6,809.7
PBT margin 14.5% 14.7% 7.1% 10.4% 10.5% 9.5% 14.5% 15.3% 11.5% 12.4% 8.8% 29.9% 67.3%
Taxation 53.9 54.6 30.3 33.4 39.4 32.7 82.3 79.8 54.5 89.6 56.1 376.7 1,520.7
PAT 168.1 250.4 115.1 207.3 202.8 183.6 281.2 362.4 338.9 433.2 367.5 1,788.8 5,289.0
PAT margin 11.0% 12.0% 5.6% 9.0% 8.8% 8.1% 11.2% 12.5% 9.9% 10.3% 7.7% 24.7% 52.2%
ROE, % 20.5% 22.4 % 10.0% 16.2% 14.9% 13.1% 17.4% 19.9% 16.3% 18.1% 14.4% 28.9% 83.6%#
EPS, RM*^ 0.02 0.03 0.02 0.03 0.03 0.03 0.04 0.05 0.05 0.06 0.05 0.22 1.31
*Annualized ^Adjusted for bonus issue # Based on latest 12 months PAT Page 15/34
 High Growth Company Since Listing in 2001
Double the Size Every 3 Years with Revenue CAGR of 28%
Over 20 years since listing in 2001:
Compound Annual Growth Rate, CAGR
Average PAT margin
Revenue PAT
in USD’mil in USD’mil
31 August Financial Year End 28% 38% 25%
in USD’mil 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1HFY21

Revenue 362.4 492.8 486.8 548.5 548.2 539.2 595.0 684.5 807.9 1,000.3 1,137.8 1,715.2 2,501.1
EBITDA 68.1 86.4 46.6 70.6 73.6 71.5 104.7 124.3 116.0 164.5 162.9 573.9 1,713.0
EBITDA
18.8% 17.5% 9.6% 12.9% 13.4% 13.3% 17.6% 18.2% 14.4% 16.4% 14.3% 33.5% 68.5%
margin
PBT 52.6 72.3 34.5 57.0 57.4 51.3 86.1 104.8 93.2 123.9 100.4 513.2 1,682.3
PBT margin 14.5% 14.7% 7.1% 10.4% 10.5% 9.5% 14.5% 15.3% 11.5% 12.4% 8.8% 29.9% 67.3%
Taxation 12.8 12.9 7.2 7.9 9.3 7.7 19.5 18.9 12.9 21.2 13.3 89.3 375.7
PAT 39.8 59.3 27.3 49.1 48.1 43.5 66.6 85.9 80.3 102.7 87.1 423.9 1,306.6
PAT margin 11.0% 12.0% 5.6% 9.0% 8.8% 8.1% 11.2% 12.5% 9.9% 10.3% 7.7% 24.7% 52.2%
ROE, % 20.5% 22.4 % 10.0% 16.2% 14.9% 13.1% 17.4% 19.9% 16.3% 18.1% 14.4% 28.9% 83.6%#
EPS, RM*^ 0.02 0.03 0.02 0.03 0.03 0.03 0.04 0.05 0.05 0.06 0.05 0.22 1.31
*Annualized ^Adjusted for bonus issue # Based on latest 12 months PAT Page 16/34
 Strong Balance Sheet and High Cash Generation

Return on equity, % Total Equity / Net asset, RM’bil Net asset per share
*Based on latest attributable to owners, RM
12 months PAT
+215% 8.2 0.86
* 83.6% +169%
6.2 +32% 0.60 +43%

28.9% 2.6 0.32

14.4%

31/08/2019 31/08/2020 28/02/2021 31/08/2019 31/08/2020 28/02/2021 31/08/2019 31/08/2020 28/02/2021

Net cash flow from operating activities, Net cash/ (borrowings),

RM’mil RM’mil 4,063 Net cash for:
5,776 1. CAPEX of estimated
2,343 RM2bil per annum.
3,456 2. Dividend payout of
approximately RM2bil
per quarter.
526
(2,168)
31/08/2019 31/08/2020 28/02/2021 31/08/2019 31/08/2020 28/02/2021
Page 17/34
 A HIGH DIVIDEND and HIGH GROWTH Company

Declared total dividend of RM 5.87 bil since listing in 2001

Quarterly
 Committed to a Special Dividend of 20% in Special Dividend, sen
addition to existing dividend policy of a 50%
dividend payout ratio for 2QFY21 to 4QFY21. Ordinary Dividend, sen
 70% total dividend payout ratio for 2QFY21 to
4QFY21

TotalDividend
(RM mil)

Payout ratio
Note: Dividend per share has been adjusted for the bonus issues Page 18/34
 Bursa: Shareholder Value Track Records
Total Shareholders Return of 29,321% Over 20 Years Since Listing in Year 2001
Number of CDS and CDP Number of account As at 23/4/2021:
account as at 15 April 2021 6th highest market capitalization in Bursa
Total CDS Account, Bursa 119,837 11th highest market capitalization in SGX
Total CDP Account, SGX 7,985
Grand Total 127,822
Source: Registrar of Depository

With initial investment of 1,000 shares made based on IPO price of RM2.70 on 27 March 2001, the return would be:
Market value Accumulated Investment cost Capital Total shareholder
Number of shares held(1)
(as at 23 Apr 2021) Dividends (as at 27 March 2001) appreciation(2) return
# RM RM RM RM %
122,304 700,802 93,564 2,700 791,666 29,321%

Source: Bloomberg as at 23 April 2021

Notes: (1) 1,000 shares at IPO, adjusted for bonus issue and share split since IPO
(2) Calculated based on adding market value and accumulated dividends and subtracting the investment cost Page 19/34
 SGX: Share price appreciation
Total Shareholders Return of 662% over 5 years Since Listing in 28 Jun 2016

As at 23/4/2021:
6th highest market capitalization in Bursa
11th highest market capitalization in SGX

Number of CDP account

as at 15 April 2021
7,985
Source: Registrar of Depository

Source: Reuters as of 23 April 2021

Notes:
(1) adjusted for bonus issue and share split since IPO
Page 20/34
 Top Glove Convertible Bond Price Performance
Issued on 1st March 2019 and Fully Redeemed on 16th October 2020
Issuer: Top Glove Labuan Ltd
Isin: XS1941677764 Convertible Bond Price as at 16th Oct 2020:
490
Issuance size: USD200 million USD 452.12
Coupon: 2%
440
Issued Date: 1st March 2019
Maturity Date: 1st March 2024 (5 years)
390 Redemption Date: 16th Oct 2020
Bond Price

340
Top Glove Convertible Bond price
appreciated by 352.12% or 3.52 times
290

240

190

140 Convertible Bond Price as at 1st March 2019:

USD 100.00
90

Prepared by: Khoo Bee Hui

Date Verified by: Yap Rueh Yinn
Source: Thomson Reuters Eikon Date: 10 March 2021

Page 21/34
Bursa Top 100 Market Capitalization Listed Companies
Data as of last trading day close price on 23/4/2021

Page 22/34
Bursa Top 100 Market Capitalization Listed Companies (Con’t)
Data as of last trading day close price on 23/4/2021

Page 23/34
Bursa Top 100 Market Capitalization Listed Companies (Con’t)
Data as of last trading day close price on 23/4/2021

Page 24/34
SGX Top 100 Market Capitalization Listed Companies
Data as of last trading day close price on 23/4/2021

Page 25/34
SGX Top 100 Market Capitalization Listed Companies (Con’t)
Data as of last trading day close price on 23/4/2021

Page 26/34
SGX Top 100 Market Capitalization Listed Companies (Con’t)
Data as of last trading day close price on 23/4/2021

Page 27/34
 Summary of Research Reports Rating
Target price (TP), Target PE and Projected Profit After Tax (PAT)
Summary of Research Reports Rating as at 23/4/2021
Num. Report Research New TP Prev TP Target PE based Proj PAT, RM'mil Call Previous
Date House RM RM FY21F FY22F FY21F FY22F FY23F rating Call
1 16-Dec-20 DZT 16.34 14.91 9.7 36.0 13,706.0 3,689.0 NA Buy Buy
2 05-Apr-21 Citi 9.80 9.80 7.1 10.7 11,334.0 7,524.0 3,046.0 Buy Buy
3 23-Apr-21 MIDF 8.29 8.29 6.4 18.9 10,526.8 3,550.2 2,099.1 Buy Buy
4 10-Mar-21 CIMB 7.80 7.80 6.2 12.2 10,374.0 5,293.0 3,116.0 Buy Buy
5 09-Apr-21 Public Investment 7.60 7.60 6.0 14.8 10,313.6 4,211.4 2,447.8 Buy Buy
6 08-Apr-21 Nomura 7.47 7.47 6.0 23.5 10,051.0 2,569.0 2,042.0 Buy Buy
7 09-Apr-21 BIMB 7.40 7.40 5.3 14.5 11,180.4 4,099.0 1,728.0 Buy Buy
8 10-Mar-21 DBS 7.25 10.40 7.6 18.6 9,299.0 3,772.0 3,272.0 Buy Buy
9 08-Apr-21 HLIB 7.00 7.00 5.3 10.5 10,609.5 5,340.6 3,573.7 Buy Buy
10 08-Apr-21 KAF 6.84 6.84 5.5 16.5 10,250.0 3,407.0 1,995.0 Buy Buy
11 09-Apr-21 Kenanga 6.80 6.80 5.1 11.6 10,893.0 4,802.0 NA Buy Buy
12 30-Mar-21 RHB 6.80 6.80 5.2 7.6 10,711.0 7,234.0 4,037.0 Buy Buy
13 10-Mar-21 Affin Hwang 6.65 10.10 5.7 13.8 9,619.6 3,960.0 2,980.4 Buy Buy
14 09-Apr-21 UOB Kay Hian 6.30 6.30 4.6 12.4 11,056.0 4,107.0 1,771.0 Buy Buy
15 08-Apr-21 Credit Suisse 6.10 6.10 5.4 9.7 9,316.9 5,164.8 3,568.5 Hold Hold
16 09-Apr-21 JF Apex 5.80 5.80 5.1 13.3 9,265.3 3,585.8 NA Hold Hold
17 09-Apr-21 TA Securities 5.77 5.77 4.0 9.8 11,857.3 4,816.2 3,155.6 Buy Buy
Average from rank 1 to 17* 7.65 7.95 5.9 15.0 10,609.6 4,536.8 2,773.7
18 08-Apr-21 UBS 5.60 5.60 4.5 14.7 10,160.0 3,145.0 1,272.0 Hold Hold
19 15-Apr-21 HSBC 5.20 5.70 5.1 23.6 7,775.0 1,659.0 1,291.0 Hold Hold
20 08-Apr-21 CLSA 4.90 4.90 4.3 12.0 10,848.0 3,946.0 3,054.0 Sell Sell
21 10-Mar-21 MBB 4.85 8.65 3.6 7.1 11,228.0 6,383.0 3,122.0 Hold Buy
22 10-Mar-21 Macquarie 4.80 5.80 3.8 19.2 10,734.0 2,390.0 1,298.0 Hold Hold
23 09-Apr-21 AmInvest 4.75 4.75 4.6 13.8 8,536.1 2,805.5 1,512.9 Hold Hold
24 08-Apr-21 J.P. Morgan 3.50 3.50 2.4 16.7 11,674.0 1,686.0 668.0 Sell Sell
Total Average from rank 1 to 24 6.82 7.25 5.4 15.1 10,471.6 4,130.8 2,431.0
* Average for TP above market price @23/4/2021 RM5.73 Page 28/34
Page 29/34
Brand of Choice : Sustainability Awards and Recognition

Dow Jones Sustainability Index

• Listed on the 2020 DJSI under the Emerging Markets category for
2 consecutive years (announced in Nov 2020)
• The only Malaysian Company in 2020 DJSI Indices
• Ranks 13th out of 73 Healthcare Equipment & Supplies companies,
outperforming 83% of peers in the industry across all DJSI indices

FTSE4Good Bursa Malaysia Index

• Listed on Index for 5 consecutive years (announced in Jul 2020)

• Well performed than the subsectors & industry peers average
• Full score for governance rating & improved environmental rating

Page 30/34
Guiding principles for growth and success

Top Glove’s Business Direction, Ethics, Rules & Philosophies

Must know, Must do, Must teach

Business direction Business philosophies

To produce consistently high quality
gloves at efficient low cost.
Investment direction
To invest 1 efficient dollar and earn 2
healthy dollars.
1. We work for our customers;
2. We take care of the interest of our
shareholders;
3. We ensure that our employees continue
to contribute positively to the company
and we care for their well-being; and
4. We work closely with our bankers,
suppliers, business associates and
friends.

Business ethics Business rules

1. Honesty 1. Do not lose our shareholders’ money;
2. Integrity 2. Do not lose our health;
3. Transparency 3. Do not lose our temper;
4. Do not lose our customers.

Page 31/34
 Top Glove’s Medium and Long Term Objectives

Our Vision : Our Mission :

To be your world class partner in Ensuring safe human protection
gloves and healthcare products globally supported by our values

OUR PEOPLE OUR PRODUCTS, OUR FINANCIALS

PROCESS & CUSTOMERS

Healthy workforce living Diversify to glove Good and Prudent

5 Wells with quality and related and healthcare Financial Discipline
safety mindset businesses to achieve target
financial ratios

Ensure the well being Focus on Product Deliver sustainable financial

of our employees, our Embrace Industry 4.0 goals and create value for
Innovation, Operational
greatest assets digital eco-systems our investors and financial
Excellence to achieve
using the power of data partners
customer delight
Continue to innovate and deliver world class products with
improved processes and ensure ultimate customers satisfaction

Page 32/34
 Thank you

www.topglove.com | invest@topglove.com.my | +603 3362 3098

Page 33/34
TOP GLOVE ESG CLAPS

Page 34/34