Riverstone - RHB Research 2025-11-11: Cooling Off After The Rally; Downgrade To NEUTRAL

• Riverstone (SGX:AP4)’s 3Q25 earnings are below expectations, at 65% and 66% of our and Street full-year estimates.

Downgrade to NEUTRAL from Buy, new DCF-based target price of S$0.93 from S$0.85, 8% upside.

• - Read this at SGinvestors.io -
• That said, its strong positioning in higher-grade cleanroom gloves should enable it to benefit from the recovery in global semiconductor demand. Our new Riverstone's target price implies a higher 20.1x FY26F P/E (from 17x), at 1.5 standard deviation above its 3-year historical mean of 15.3x.

3Q25 missed expectations.

• - Read this at SGinvestors.io -
• Results are below expectations, accounting for 65% and 66% of our and Street full-year projections. The key variance stemmed from:
  1. Lower blended ASPs, and
  2. adverse FX movements.
• Riverstone declared an interim dividend of 2.5 sen, translating into a payout ratio of 71% and an annualised yield of 3.6% based on yesterday’s closing price.

Results overview.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Previous report by RHB:
2025-08-11 Riverstone - Turning The Corner; Maintain BUY.

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 Dividend Payout Dates & Corporate Actions,
Riverstone News