KUALA LUMPUR: Shares of Top Glove Corp Bhd rose 1.8% in early trade Tuesday following the announcement of a special dividend of 20% and as the rout on glove makers eased. The world’s largest glove maker added 1.82%, or 10 sen to RM5.60 with 19.8 million shares done. Top Glove said the special dividend was in addition to its existing dividend policy of a 50% dividend payout ratio on its profit after tax and minority interests for the second, third and fourth quarters of financial year 2021. In a report, TA Securities has raised its FY21F dividend pay-out to 66.5% from 55% previously in tandem with the special dividend announcement. “At current share price, the stock is expected to offer an attractive dividend yield of 18.4% for FY21F. Maintain buy on Top Glove with an unchanged target price of RM8.84 per share,” it said. Top Glove, Hartalega, Supermax and Kossan shares skidded on short selling by foreign funds on Monday.
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