Glove Stock Valuations Hit Rock Bottom After $6 Billion Rout
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A rout in Malaysian glove makers is deepening, sending valuations for some companies to rock-bottom levels.
Top Glove Corp., the world’s biggest, slid 7.8% in a fifth day of declines Wednesday, taking its February loss to 22%, set to be the worst for any month on record. The stock is trading at about 6 times 12-month forward earnings, from a record high of 43 times in May. Supermax Corp., which surged 784% last year, is down 26% this month and trades at 4.6 times.