Riverstone Holdings - Maybank Kim Eng 2016-05-06: Weaker cleanroom segment, expansion on track
RIVERSTONE HOLDINGS LIMITED AP4.SI Riverstone Holdings (RSTON SP) - Weaker cleanroom segment, expansion on track
Results in line, key cleanroom segment deteriorated
- 1Q16 results were in line with expectations; core earnings after FX adjustments rose 20% YoY and met 21% of our FY16E.
- Gross margin fell by 2.5/2.2 ppt YoY/QoQ, due to 30% volume decline of the higher ASP and margin cleanroom glove and ASP decline of 3-5% for healthcare gloves.
- Cleanroom glove demand is expected to remain subdued in 2Q16, due to reduced demand from HDD and flat panel display customers.
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