KUALA LUMPUR (Oct 22): Analysts on Friday (Oct 22) cut their earnings forecasts for Supermax Corp Bhd after the US Customs and Border Protection (CBP) said it will detain imports of disposable gloves produced by the group on forced labour allegations. It also opined that Supermax will need to lower its ASPs in other markets to fill the void. “Hence, Supermax would now need to sell its gloves in other markets, which may have lower ASPs, until the CBP matter is resolved. “We reiterate 'hold', with a lower TP of RM2.16 (12.8 times calendar year 2023 PER),” it said. Read also:US Customs issues seize order on Supermax products on forced labour findingUS import ban expected to have significant impact on Supermax's earnings, say analysts
