J.P. 摩根-亚太地区医疗用品及器械行业-橡胶手套制造：随着ASP回归成本加成，价值尚未显现 -2021.7.22-38页

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J.P. 摩根-亚太地区医疗用品及器械行业-橡胶手套制造：随着ASP回归成本加成，价值尚未显现 -2021.7.22-38页

# 亚太地区 # 医疗用品 # 橡胶手套大小：1.38M | 页数：38 | 上架时间：2021-07-30 | 语言：英文

J.P. 摩根-亚太地区医疗用品及器械行业-橡胶手套制造：随着ASP回归成本加成，价值尚未显现 -2021.7.22-38页.pdf

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J.P. 摩根-亚太地区医疗用品及器械行业-橡胶手套制造：随着ASP回归成本加成，价值尚未显现 -2021.7.22-38页.pdf

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类型: 行研

上传者: 资料分享客栈

撰写机构: J.P. 摩根

出版日期: 2021-07-22

摘要：

We cut TOPG and HART’s PTs and reiterate our UW rating as neither name has discounted all downside risks in our view, and maintain Neutral on KRI as it looks fairly valued to us. We initiate on STGT with UW. Loss of spot demand, falling order book lead time and ASP weakness imply demand-supply tightness has eased. Nitrile glove forward Aug-21 ASP has fallen c.55% to US$50-55 since Feb-21. If all planned new capacities are built and utilized, we see a high risk of ASP overshooting on the downside. Perceived value might only emerge once equities are trading below historical mean P/E at assumed glove ASP of US$26

and operating margins of 12-24%. ASP are quoted in US$ per thousand pieces.

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