Results Review
Top Glove Corporation RM6.50: Buy
– Top Class 3Q results. Maintain Buy.
Not resting on laurels. As expected, 3QFY09 net profit of RM42m (+18% QoQ, +62% YoY) and interim DPS of 7 sen (net) were in line. 9MFY09 net profit of RM112m (+32% YoY) met 74% of our full year forecast of RM151m and surpassed FY08 earnings. We maintain earnings forecast, Buy recommendation and RM7.00 DCF-based TP.

Other Local News
Khazanah: To co-invest RM130m with Boustead on Kidzania
Water: RM2.5bn jobs up for grabs
John Master: Intends to sell entire business
Supermax: Will allocate RM24m in capex
MAS: Expands code-share pact with Sri Lanka
CBS Tech: To purchase Infodata for RM29m
Tan Chong Consolidated: Feuding factions in TCC agree to settle

Outside Malaysia
U.S: Home-price decline in May spurs second straight monthly increase in resales
U.S: Executives still pessimistic about economic outlook, survey shows
E.U: Manufacturing, service industries contracted at slower pace in June
Germany: Recession will probably continue into 2010, Ifo Institute forecasts
U.K: Mortgage approvals increased in May, BBA says
Singapore: Consumer prices fall for second month in May
Crude Oil: USD 69/bbl as the U.S. currency slipped