Valuations are attractive at this juncture
■ In tandem with a decline in glove ASPs worldwide, we expect Kossan to
record sharper ASP drops from 3Q21F onwards.
■ Among glove makers under our coverage, Kossan has the least aggressive
expansion plans, which means less pressure to lower ASPs to sell its goods.
■ Reiterate Add, with a lower TP of RM4.20 (16x CY23F P/E).