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Friday, January 15, 2021

AT Glove (0072) - Second glove factory (5th Step)

AT Systematization Bhd dealt with Seacera Porcelain Sdn Bhd to acquire industrial land for RM10.5 million for the construction of a second glove factory.

Industrial land located in Larut & Matang (Taiping) is 72,770 square meters in size.

Deal is expected to be completed within 60 days and will be satisfied in cash, cementing its entry into the glove making business, which started last year to capitalise on the unprecedented global demand for gloves due to the Covid-19 pandemic.

For the journey, it estimated that the Chemor factory will have an estimated capacity of 63,000 pieces per hour by the end of the month.

Second factory will have the same efficiency as its maiden Chemor-plant with almost 800,000 square feet (72,770 square meters) with up to 60 double former lines which translates to 35,000 pieces per hour for each line.

Before the second factory announcement, it was expected to have an output of 2.6 billion pieces per annum. With the second factory, it is estimated to have an output of 18 billion pieces per annum.

With new strains and mutations affecting the global economy, and a general increase in awareness for hygiene and protection, the global demand will likely find a plateau and last for a while to come.

Given the group’s recent CE certification award, he related that the group has been inundated with contract order enquiries.

Against the backdrop of a third wave of the pandemic in Malaysia, the managing director noted that the sector is hampered by disruption in supply from stop/start orders of key production lines.

With further supply disruptions on the horizon, AT will look to take advantage of spot prices in the short term while it builds production capacity to handle the enquiries.

AT Systematization rose one sen or 5.71% to 18.5 sen for a market capitalisation of RM782.38 million.

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