Glovemakers: Top Glove's proposed secondary listing in Singapore might not do too much for boosting its own liquidity (taking cue from dual-listed IHH, which hardly trades in Singapore).
However, this could pan out well for other Singapore-listed glove makers, as they are trading at a notable discount of 30% to Malaysia-listed glove makers, due to the lack of understanding, fewer listings, as well as lesser news flows. There are only 2 glove listings in Singapore vis-à-vis 7 listings in Malaysia.
For now Maybank-KE maintains Buy calls on Riverstone and UG Healthcare with TPs of $1.18 and $0.52 respectively.
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