{"id":85793,"date":"2023-11-17T16:33:35","date_gmt":"2023-11-17T21:33:35","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/kossan-rubber-shares-climb-after-q3-profit-analysts-upgrade\/"},"modified":"2023-11-17T16:33:36","modified_gmt":"2023-11-17T21:33:36","slug":"kossan-rubber-shares-climb-after-q3-profit-analysts-upgrade","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85793","title":{"rendered":"Kossan Rubber shares climb after Q3 profit, analysts upgrade"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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KUALA LUMPUR – Kossan Rubber Industries Bhd reported on Wednesday a third-quarter net profit of 41 million Malaysian ringgit ($8.8 million), a significant turnaround following three consecutive quarters of losses. The improvement was largely due to enhanced cost-control measures and a decrease in raw material costs. Despite this profit, the company experienced a 28% drop in quarterly revenue, which was attributed to lower sales volumes, reduced product prices, and diminished contributions.<\/p>\n

Today, Kossan Rubber’s shares witnessed an impressive surge, peaking at an 11% increase before closing 6.8% higher at 1.58 ringgit. This upswing marks a substantial 40% rise from the previous year. In response to the company’s improved financial performance and business outlook, Hong Leong Investment Bank analysts upgraded their recommendation for Kossan Rubber from ‘sell’ to ‘hold’. Additionally, they raised the target price for the stock from 1.00 ringgit to 1.35 ringgit.<\/p>\n

Other financial institutions are also recognizing Kossan Rubber\u2019s potential for growth. MIDF Research and Affin Hwang Investment Bank have upgraded their ratings for the company and revised their earnings forecasts upward for the years 2023 through 2025. They anticipate a “slight turnaround” in Kossan Rubber’s glove division as buyers are likely to replenish their inventories in the face of a supply glut and increased competition from Chinese manufacturers. Furthermore, the technical rubber products division is expected to perform well, supported by the ongoing global economic recovery.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. KUALA LUMPUR – Kossan Rubber Industries Bhd reported on Wednesday a third-quarter net profit of 41 million Malaysian ringgit ($8.8 million), a significant turnaround following three consecutive quarters of losses. The improvement was largely due to enhanced cost-control measures and a decrease in raw material costs. Despite this profit, the company experienced a […]<\/p>\n","protected":false},"author":1,"featured_media":2360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-85793","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nKossan Rubber shares climb after Q3 profit, analysts upgrade | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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