Riverstone - RHB Invest 2024-08-07: Results In Line With Expectation; Maintain BUY

• Riverstone (SGX:AP4)’s 2Q24 core earnings grew 59% y-o-y to MYR72.4m, bringing its 1H24 numbers to account for 47% of both ours and Street’s expectations. We deem the results to be in line, predicated by solid demand recovery for both healthcare and cleanroom gloves.
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Results overview.

• Riverstone’s 1H24 core earnings came in in line with our expectations underpinned by higher ASP and robust demand recovery for cleanroom and healthcare gloves. Gross margin expanded 11.3ppt y-o-y on the back of a better product mix (i.e. higher sales from cleanroom and healthcare specialty gloves).
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• Riverstone declared a second interim dividend of 4 sen (MYR), representing a payout ratio of 82%. See Riverstone's dividend dates.

Outlook.

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Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2024-08-07 SGinvestors.io

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