Riverstone Holdings - UOB Kay Hian 2015-12-02: Everything Has A Price; Downgrade To HOLD
RIVERSTONE HOLDINGS LIMITED AP4.SI Riverstone Holdings (RSTON SP) - Everything Has A Price; Downgrade To HOLD
- We downgrade the stock to HOLD from BUY after its stellar outperformance.
- The group remains on track to see its healthcare glove production capacity grow to 8.2b pieces/year by 2018 and an earnings CAGR of 30% over the next 3 years, but these positives appear to be priced in.
- We have a target price of S$2.34, based on the sector’s FY16F PE of 19.4x.
- Entry price: S$2.10.
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