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TOP GLOVE CORPORATION BHD Investor Presentation 23 rd June 2020

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1 TOP GLOVE CORPORATION BHD Investor Presentation 23 rd June 2020 The World s Largest Manufacturer of Nitrile Gloves In addition to Natural Rubber Gloves and Surgical Gloves Bursa Malaysia : 7113 SGX : BVA Reuters : TPGC.KL Bloomberg : TOPG MK ADR CUSIP : Page 1/27

2 TG BUSINESS ETHICS CLAPS Ready, Claps, 2x 3x 2x Prepared By: Ng Chin 14/07/17 Checked & Verified By: Ng Yong 14/07/17 Page 2/27

3 Top Glove Corporation Bhd. ( Top Glove ) at a glance World s largest manufacturer of gloves World largest manufacturer of Nitrile, Natural Rubber and Surgical gloves Current market capitalisation (1) of RM41.90bn (USD 9.80bn) FY2019 Revenue RM4.8bn (USD1.16bn) PAT RM367.5mil (USD88.7mil) 78.7 billion gloves pa 45 factories 700 production lines (As at June 2020) About 2,000 customers across 195 countries Over 19,000 employees Source: Bloomberg Notes: (1) Market capitalisation as at 23 Jun Page 3/27

4 From Humble Origins to Global Leader 30 years track record of excellence Started as a local business enterprise First overseas foray and established a marketing arm in the USA Commenced operations in Thailand Listed on the Second Board of Kuala Lumpur Stock Exchange ( KLSE ) Commenced operations in China Transferred to the Main Board of KLSE World Largest Manufacturer of Natural Rubber Gloves 2007 Revenue over RM1bn Acquisition of a majority stake in Medi-Flex Acquired a marketing arm in Germany to extend sales in Europe Secondary listing on Singapore Stock Exchange ( SGX ) Established first dedicated Group R&D Centre to drive innovation 2016 Revenue over RM4bn Implementation of Artificial Intelligence (AI) Empowered Vision Inspection System Acquisition of Aspion, Eastern Press, Duramedical. World Largest Manufacturer of Surgical Gloves 2017 Revenue over RM3bn Commenced condom business in July Launched BioGreen Biodegradable Gloves Implemented Manufacturing Execution System (MES) and Advanced Auto Packing Machine World Largest Manufacturer of Nitrile Gloves Page 4/27

5 Global demand for gloves increasing across emerging and developed markets Steady growth in global demand for rubber gloves In billion pieces Further growth potential from emergingmarkets Based on 2017statistics Driven by strong market fundamentals across geographies 1) As a protective barrier for medical staff, gloves are an indispensable item in the healthcare sector, with increasing customer awareness in developing markets. 2) Increasing hygiene standards and healthcare awareness a) Non-medical sector in developed countries b) Medical sector in developing countries 3) A growing ageing population a) With the elderly being more susceptible to higher risk diseases 4) Progressively stringent health regulations a) Healthcare reforms in US, China b) Healthcare regulations: OSHA in the US, EU-OSHA in Europe, SESI in Brazil 5) Emergence of new health threats a) COVID-19, A(H1N1), SARS, bird flu, ebola, bio-terrorism, Anthrax % of World Population % of Global Glove Consumption Developed countries (USA, EU28 andjapan) 20% 70% Other regions 80% 30% Source: Malaysia Rubber Gloves Manufacturer Association, International Trade Centre and Company & Page 5/27

6 Glove Consumption Per Capita (Pieces) USA: 150 Europe: 100 Germany: 141 NORTH AMERICA WESTERN EUROPE EASTERN EUROPE Italy: 123 MIDDLE EAST ASIA Korea: 48 Japan: 54 AFRICA China: 6 India: 4 LATIN AMERICA Egypt: 2 Indonesia: 2 Brazil: 24 Source: Margma 2018, Company Page 6/27

7 Top Glove s Distribution Across 195 Countries Distribution 6 distribution hubs globally Over 2,000 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 USA Germany China 9MFY20 Sales Volume Breakdown Thailand Malaysia Brazil Legend: Distribution hub Page 7/27

8 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 9MFY2020 Strategically Aligning Our Product Mix with Market Demand Product mix by volume from FY2011 to 9MFY2020 Product mix by revenue for 9MFY % 50% 40% 55% 47% 42% Nitrile glove Global market position 1 st Vinyl 2% TPE/CPE 2% Surgical 10% 30% 20% 10% 0% 26% 27% 22% 11% 19%20% 9% 7% 8% 1% 3%3% Latex powdered glove Latex powder-free glove Vinyl/TPE/CPE Surgical glove 1 st 1 st Latex Powder Free 19% Latex Powdered 17% Nitrile 50% Page 8/27

9 Factories Continuous Growth in Manufacturing Capabilities Current: 34 glove factories All 700 Equivalent SF Lines 78.7 bn F40 1 st Phase NEW FACTORY 3rd qtr CY20 Klang, Malaysia Nitrile 11 DF lines 3.1 bn F41 1 st Phase (Block 1) NEW FACTORY 3rd qtr CY20 Binh Duong, Vietnam PVC 10 DF lines 2.4 bn F20A Line Refurbishment 3rd qtr CY20 Klang, Malaysia Latex Upgrading of Production 2.2 bn Total new capacity in CY DF lines 7.7 bn (+9.8%) Grand total by December 2020 : 36 glove factories F40 2 nd Phase 1st qtr CY21 Klang, Malaysia Nitrile 8 DF lines 2.2 bn F8A 1 st Phase NEW FACTORY 1st qtr CY21 Sadao, Thailand Nitrile 14 DF lines 3.9 bn F38 (Block A2) NEW FACTORY 1st qtr CY21 Kulim, Malaysia Nitrile 8 DF lines 2.2 bn F35CD (Block A) NEW FACTORY 1st qtr CY21 Klang, Malaysia Surgical/Nitrile 6 DF lines 1.7 bn F37 Lines Refurbishment (Block A) 2nd qtr CY21 Kluang, Malaysia Nitrile 3 DF lines 0.8 bn F37 Lines Refurbishment (Block D) 2nd qtr CY21 Kluang, Malaysia Nitrile 3 DF lines 0.8 bn F41 1 st Phase (Block 2) 4th qtr CY21 Binh Duong, Vietnam PVC 10 DF lines 2.4 bn Total new capacity in CY2021 Grand total by December 2021 : 39 glove factories To commence production by (Calendar Quarter) Location Glove type Number of production lines 1 Double Former (DF) Line = 2 Single Former (SF) Lines 742 Equivalent SF Lines Capacity (pcs per annum) Plans for further expansion beyond 2022 are in place, aimed at achieving 10% to 15% growth per annum to meet increasing global demand bn 14.0 bn (+16.2%) bn F42 1 st Phase (Block 1) NEW FACTORY 1st qtr CY22 Banting, Malaysia Nitrile 12 DF lines 3.4 bn F45 1 st Phase NEW FACTORY 1st qtr CY22 Ipoh, Malaysia Nitrile 10 DF lines 2.8 bn Total new capacity in CY DF lines 6.2 bn (+6.2%) Grand total by December 2022 : 41 glove factories 52 DF lines 846 Equivalent SF Lines 890 Equivalent SF Lines bn Existing facilities Total: 45 Factories Malaysia Headquarters 31 Glove Factories 3 Chemical Factories 1 Glove Former 2 Packaging Factories 1 Dental Dam Factory 1 Condom Factory 1 Mask Factory Producing: 1) Latex & Nitrile Examination Gloves 2) Surgical, Household, Cleanroom Gloves 3) CPE/TPE Gloves 4) Former & Chemical Manufacturing 5) Dental Dam 6) Condom 7) Mask Thailand 2 Latex Concentrate Plants 2 Glove Factories Producing: 1) Latex Examination Gloves 2) Latex Concentrate China 1 Glove Factory Producing: 1) Vinyl Gloves Page 9/27

10 9MFY20 Cost Breakdown Natural Rubber Gloves Nitrile Gloves Costing are calculated based on: Avg Nitrile price: USD1.00/kg Avg Latex price: RM4.39/kg A cost pass-through mechanism whereby both cost increases and savings to be shared out with customers. Continuously improving cost efficiency through intensive R&D initiatives. Page 10/27

11 Raw Material Price Natural rubber latex price trend (RM/kg) Correlation between nitrile latex, butadiene and crude oil prices (USD/kg) Butadiene Note: NR Latex & Nitrile Latex based on 60% TSC Page 11/27

12 3QFY20 Financial Highlights: Remarkable Results Revenue (RM mil) PAT (RM mil) EBITDA margin (%) 1,190 YoY: +42% 1,230 QoQ: +37% 1,688 (3 months) 75 YoY: +367% 116 QoQ: +202% % YoY: bps QoQ: +1170bps 16.6% 28.3% 3QFY19 2QFY20 3QFY20 3QFY19 2QFY20 3QFY20 3QFY19 2QFY20 3QFY20 Sales quantity (bil pcs) YoY: +24% QoQ: +25% PAT (RM mil) (9 months) +97% Net cash/ (borrowings) (RM mil) [ Net cash ] 279 (937) 3QFY19 2QFY20 3QFY20 9MFY19 9MFY20 FY19 (1,991) 3QFY19 2QFY20 3QFY20 Page 12/27

13 Stellar 3QFY20 quarter result ended 31/5/20 3QFY20 1/3/20 to 31/5/20 2QFY20 1/12/19 to 29/2/20 Variance (3QFY20 vs 2QFY20) 1) 3QFY20 performance highlights: a) Higher utilization rate (3QFY20 : above 95%, 2QFY20 : 85%). b) Continuous focus on innovation, technology, quality and cost efficiency. c) Strong growth in sales quantity of 25% QoQ and 24% YoY. d) Improvement in ASP of 5% QoQ and 9% YoY. e) USD strengthened by 5% for both QoQ and YoY. 3QFY19 1/3/19 to 31/5/19 Variance (3QFY20 vs 3QFY19) Revenue (RM mil) 1,688 1,230 37% 1,190 42% EBITDA (RM mil) % % EBITDA margin 28% 17% 13% PBT (RM mil) % % PBT margin 25% 11% 7% PAT (RM mil) % % PAT margin 21% 9% 6% EPS (sen) ) Raw Material Price: a) Latex price decreased by 1% vs 2QFY20, and 4% vs 3QFY19. b) Nitrile price decreased by 10% vs 2QFY20, and 14% vs 3QFY19. Continue strong performance in coming quarters underpin by exceptional strong demand with longer lead time to around 400 days. Page 13/27

14 9MFY20 result ended 31/5/20 9MFY20 1 Sep 19 to 31 May 20 9MFY19 1 Sep 18 to 31 May 19 Variance (9MFY20 vs 9MFY19) Revenue (RM mil) 4,127 3,612 14% EBITDA (RM mil) % EBITDA margin 21% 15% PBT (RM mil) % PBT margin 16% 10% PAT (RM mil) % PAT margin 14% 8% EPS (sen) % 1) 9MFY20 performance highlights: a) Higher utilization rate (3QFY20 : above 95%, 2QFY20 : 85%). b) Continuous focus on innovation, technology, quality and cost efficiency. c) Strong growth in sales quantity of 9% vs 9MFY19. d) Improvement in ASP of 3 % vs 9MFY19. e) USD strengthened by 2% vs 9MFY19. 2) Raw Material Price: a) Latex price increased by 7% vs 9MFY19. b) Nitrile price decreased by 13% vs 9MFY19. Page 14/27

15 Steady Growth Since Listing in 2001 Revenue CAGR PAT CAGR Average PAT margin Over 20 years since listing in 2001 : Over 20 years since listing in 2001 : Over 20 years since listing in 2001 : For FY ended 31 August 21.4% 22.7% 10.0% (in RM mil) MFY20 Revenue 1, , , , , , , , , , , ,127.2 EBITDA EBITDA margin 18.8% 17.5% 9.6% 12.9% 13.4% 13.3% 17.6% 18.2% 14.4% 16.4% 14.3% 21.3% PBT PBT margin 14.5% 14.7% 7.1% 10.4% 10.5% 9.5% 14.5% 15.3% 11.5% 12.4% 8.8% 16.4% Taxation PAT PAT margin 11.0% 12.0% 5.6% 9.0% 8.8% 8.1% 11.2% 12.5% 9.9% 10.3% 7.7% 14.0% ROE (%) 20.5% 22.4 % 10.0% 16.2% 14.9% 13.1% 17.4% 19.9% 16.3% 18.1% 14.4% 16.4% * EPS (RM)** * *Annualized **Adjusted for bonus issue Page 15/27

16 Cash Flow and Working Capital Management Net cash flow from operating activities (RM mil) Capital expenditure (RM mil) 9MFY May 20 1, MFY May As at 31 May 20 As at 31 May 19 Shareholders equity (RM mil) Total assets (RM mil) Net assets per share (RM) (Net Cash)/Net gearing (times) Return on equity Inventory turnover days Receivable turnover days Payable turnover days Working capital turnover days 4, , (0.06) 16.4%* , , %* *Annualized Page 16/27

17 Dividend and Payout Ratio Dividend Policy : Payout ratio about 50% of PAT after MI Interim dividend: Book Closure date: 26/6/2020 Payment date: 9/7/2020 Total dividendpayment of RM 1.57 billion since listing in % 25% 31% 29% 39% 40% 60% 49% 51% 55% 51% 50% 55% 51% 53% Note: Dividend per share has been adjusted with the bonusissues TotalDividend (RM million) Payout Ratio Page 17/27

18 Track Record of Delivering Shareholder Value Total Shareholders Return of 24,417% over 20 years since listing in year 2001 As at 23/6/2020, 7 th highest market capitalization in Bursa. 12 th highest market capitalization in SGX. YTD share price appreciation of 232.8% 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 Number of shares held (1) Accumulated Investment cost Capital Total shareholder (as at 23 Jun 2020) Dividends (as at 27 March 2001) appreciation (2) return # RM RM RM RM % 40, ,612 24,360 (2,700) 659,272 24,417% Source: Bloomberg as of 23 Jun 2020 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 18/27

19 KLCI Constituents (YTD) performance Top Glove outperform KLCI by % (From 1 Jan 2020 to 23 Jun 2020) Top Glove is the BEST performing stock in KLCI Page 19/27

20 STI Constituents (YTD) performance Top Glove outperform STI by % (From 1 Jan 2020 to 23 Jun 2020) Top Glove is the BEST performing stock in STI Page 20/27

21 Top Glove is a member of the DJSI & FTSE4Good ESG indices Creating Sustainable Value for People & Environment Environmental Compliance & Governance Climate Change & Carbon Emissions Water Security Material & Waste Management Compliant with regulatory requirements & EMS ISO Cognisant of climate risk & committed to minimise our carbon footprint Mindful to conserve natural resources Practices resource optimisation, prudent use of materials & proper waste management Social Labour Rights, Equality & Diversity Training & Development Safety & Health Community Engagement Zero tolerance for forced labour & human rights abuse Supports employee career aspirations Committed to creating a hazard-free and healthy workspace Building resilient communities through social development Governance & Ethics Supply Chain Management ISO Anti-Bribery Management System certified & adheres to high standards of corporate governance Act with integrity at all times & hold our suppliers to the same standards Page 21/27 Governance Page 21/27

22 Our commitment to uplifting worker well-being Top Glove is committed to continuously improving our labour practices to be fully compliant with regulatory requirements as well as best practices. No. Our key initiatives 1. Strict monitoring and implementation of rest day & overtime compliance via digital tools 2. Ex-gratia payment to workers in appreciation of their contributions during the pandemic 3. Comprehensive preventive measures against COVID-19 to safeguard employee well-being 4. Conducted international standards social compliance training to employees 5. Extend social compliance practices to cover suppliers through townhalls, followed by on-site audits 6. Social auditing practices: Monitoring Group level social compliance on monthly basis (including working hours & rest day compliance) 31 factories have attended to external social audits based on international standards, with strong ratings including A. 37 factories have also been audited internally. Scan to learn more about Top Glove s COVID-19 preventive measures Page 22/27

23 Doing Well and Doing Good Doing well for our investors. Doing good for our stakeholders. Worker Appreciation Ex-gratia payment to foreign workers in appreciation for their contributions in meeting glove demand Dedicated CSR Fund RM5 million earmarked for CSR initiatives to assist those impacted by the pandemic Glove Donation to Malaysian Authorities Committed to donate 3 million pieces of medical gloves to Malaysian hospitals, various government ministries, the Royal Malaysia Police & Malaysian charity organisations Glove Donation to China 3 million pieces of medical gloves donated to China as part of a joint initiative between the Malaysian government and Malaysian glovemakers Medical Equipment Contribution Contributed RM300,000 worth of ventilators & medical suits to the Ministry of Health Malaysia for frontline medical professionals Page 23/27

24 Guiding principles for growth and success Top Glove s Business Direction, Ethics, Rules & Philosophies Must know, Must do, Must teach Business direction To produce consistently high quality gloves at efficient low cost. Investment direction To invest 1 efficient dollar and earn 2 healthy dollars. Business philosophies 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 1. Honesty 2. Integrity 3. Transparency Business rules 1. Do not lose our shareholders money; 2. Do not lose our health; 3. Do not lose our temper; 4. Do not lose our customers. Page 24/27

25 Top Glove s Medium and Long Term Objectives Our Vision : To be your world class partner in gloves and healthcare products Our Mission : Ensuring safe human protection globally supported by our values OUR PEOPLE OUR PRODUCTS, PROCESS & CUSTOMERS OUR FINANCIALS Healthy workforce living 5 Wells with quality and safety mindset Diversify to glove related and healthcare businesses Good and Prudent Financial Discipline to achieve target financial ratios Ensure the well being of our employees, our greatest assets Focus on Product Innovation, Operational Excellence to achieve customer delight Embrace Industry 4.0 digital eco-systems using the power of data Deliver sustainable financial goals and create value for our investors and financial partners Continue to innovate and deliver world class products with improved processes and ensure ultimate customers satisfaction Page 25/27

26 Thank you Page 26/27

27 TOP GLOVE GROUP OF COMPANIES Revised By: Anne 28/1/2020 Checked By: Ng Chin 28/1/2020 Verified By : Ng Yong 28/1/2020 Page 27/27

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