HARTA Update: The FX Tailwind Everyone Is Ignoring

Despite the sector panic dragging HARTA down to RM1.06 today, the macro picture is quietly turning very bullish for their August QR.

Key point: USD/MYR just hit 4.1330. Hartalega sells in USD but reports in RM. Every 1% rise in the USD directly boosts their translated revenue and protects margins against NBR cost hikes.

The market is selling the wrong story:
Top Glove's 3Q result was actually stellar (PATAMI jumped 161% QoQ), but the market is pricing in a "peak ASP" fear. However, Hartalega's automation gives them a massive cost advantage over Top Glove.

The setup for Aug 2026:
✅ Higher ASPs (US$26-28)
✅ Near-full utilization
✅ Favorable FX (USD 4.13)

If they deliver an EPS of 2.0 sen+ in August, the re-rating will be violent. Selling at RM1.06 right now is capitulating into the bottom of a temporary sector panic.

Questions time……

Does the upcoming August QR will represent the peak where we will see a massive surge in revenue and a very significant surge in profit? , or does the higher ASP become the new normal?"

Will the market revalue Hartalega not just on this single quarter, but on their ability to sustain these US$26-28 ASPs through 2027 and beyond?

我認為年底可以去到3塊錢的原因

在伊朗戰爭前
harta的有效產能利用率已經96%了
各個手套商也準備微調價格

也就是說 不管有沒有這場戰爭
harta是不缺訂單的
而整個手套業經過這倆年洗禮
從買家市場已經開始轉向賣家市場

再看看原材料NBR走勢
從 戰爭時 噸/2200☞已經穩定在1600美元

如果你拆開原材料用量
topglove手套材料用量是每千只手套7-8Kg
這樣你就得出 原材料成本最多也就增加7美元
但是topglove Asp是從16☞27-28了
增加了10美元以上

按常識來說
harta手套比較薄的 理論用料比較少

考慮到一些看不到成本
手套每千隻最少多賺2美元

2美元對於harta意味什麼
最新季度銷量是63.5億
考慮到2月比較多假期跟plant9 產能提升
下個季度銷量應該65億
相當於650萬箱手套

harta最少多出5000萬利潤
這是保守的估計。。

別以為這是什麼暴利
在疫情期手套商的報價是
成本價+3-5美元加工費
這還比疫情前低