Where is their evidence that testing is on a downtrend? How is that possible when more than 600,000 cases have been detected each day, triple from September. With such a high number of cases, it is ridiculous to suggest mass testing has declined. Simple observation points to the contrary. JP Morgan must back their claim with solid evidence.

Secondly, since when does glove demand depend on testing? There are numerous other applications in battling covid that require gloves. There are strong evidence that glove shortage will extend to 2022. How can JP Morgan issue a report saying otherwise without providing strong evidence of their own? It is clear that incoming glove supply will come far short of meeting glove demand in the next 2 years. Not providing a good reason for stating otherwise is very irresponsible.

Thirdly, JP Morgan using palm oil companies as comparison is extremely irresponsible and a weak evidence. Palm Oil supply cannot be controlled due to weather and the sheer number of palm oil companies making it hard to plan for supply. What the analysts had offered is grossly inaccurate and unacceptable. They clearly have not done due diligence.

Lastly, Topglove has already guided ASP to rise 30% next quarter. The pricing power is very much in the hands of glove manufacturers. JP Morgan suggested glove prices has peaked in September. This is grossly inaccurate and shows it has been disregarding market research. In fact, Topglove has recorded far higher ASP in the two months following September, and is going to hike it by a further 30% in the next quarter. The reality is far too different from JP Morgan's poorly concluded estimates. It is obvious gloves are much needed in much higher quantities than before.

All these points to poor analysis that is not done in good faith, without due diligence. Action should be taken to maintain the integrity of our capital markets to prevent manipulation.