Better off than its peers
■ Hartalega’s ASPs should decline faster than our estimates going forward, in
tandem with slower buying patterns and aggressive capacity build-up.
■ Hartalega should continue to trade at a premium to its peers, backed by its
industry leading nitrile technology and stronger operating margins.
■ Reiterate Add, with a lower TP of RM8.50 (24x CY23F P/E).