100% jump in glovemakers’ shares has further room to run

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Some glove makers have an order backlog running till June 2021, compared to just one month before the pandemic. (Bloomberg pic)SINGAPORE: Northcape Capital Ltd, one of the largest shareholders of this year’s top gainers in Asia — Top Glove Corp and Hartalega Holdings Bhd — says the two stocks have further room to run. The pandemic has caused a structural change in demand for gloves, so earnings at some makers will double in each of the next two years and drive their stocks to outperform, according to Ross Cameron, a fund manager at Northcape, which overseas about $7 billion (RM30 billion) in assets globally. “The duration of super-normal demand is still longer than most people realise,” Cameron said. Factors that will continue to support the share rally include product price increases and the fact many nations are ill-prepared for pandemics, he said. Shares of the world’s biggest …