- 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.
- - Read this at SGinvestors.io -
- 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.
Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian | https://research.uobkayhian.com/ 2024-05-13
Read also UOB's most recent report:
2024-11-13 Riverstone - 3Q24 Results In Line; Healthy Outlook Ahead With Capacity Expansion.
Previous report by UOB:
2024-07-25 Riverstone - Strong Earnings Expected; Target Price Raised To S$1.16.
Price targets by 2 other brokers at Riverstone Target Prices.
Listing of research reports at Riverstone Analyst Reports.
Relevant links:
Riverstone Share Price History,
Riverstone Announcements,
Riverstone Dividend Payout Dates & Corporate Actions,
Riverstone News
