- Riverstone’s 1Q24 earnings rose 54.5% y-o-y to RM72m, beating our forecast by 3%. Revenue was higher y-o-y and q-o-q for the fifth consecutive quarter, driven by higher demand for its higher-margin customised healthcare gloves and cleanroom gloves.
- - Read this at SGinvestors.io -
- Maintain BUY with a 14% higher target price of S$1.00 (S$0.88 previously).
Results above expectations; sequential growth for the fifth consecutive quarter.
- Riverstone (SGX:AP4) reported 1Q24 revenue and net profit of RM249.5m (+4.8% y-o-y, +8.6% q-o-q) and RM72.2m (+54.5% y-o-y, +6.9% q-o-q) respectively, forming 24% and 28% of our full-year forecasts and exceeding our expectations.
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- Gross profit jumped 57.3% y-o-y, as margins expanded from higher ASPs and lower raw material costs. However, 1Q24 gross margins dipped q-o-q marginally to 39.1% due to higher raw material costs q-o-q.
Surprise interim dividend declared; strong balance sheet supports higher payout ratio.
- Read more at SGinvestors.io.
