- 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 the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ 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:
2024-05-16 Riverstone - Beneficiary Of Us Tariff Hike & Glovemaker With The Most Attractive Valuation.
Price targets by other brokers at Riverstone Target Prices.
Listing of research reports at Riverstone Analyst Reports.
Relevant links:
Riverstone Share Price History,
Riverstone Announcements,
Riverstone Dividends & Corporate Actions,
Riverstone News Articles
