Riverstone Holdings - UOB Kay Hian 2016-05-09: 1Q16 ~ Muted Growth; Downgrade To HOLD
RIVERSTONE HOLDINGS LIMITED AP4.SI Riverstone Holdings (RSTON SP) 1Q16: Muted Growth; Downgrade To HOLD
- 1Q16 net profit came in flat yoy, largely attributable to softer cleanroom glove demand as well as forex impact.
- In view of the ongoing ASP pressure on healthcare gloves and tepid demand for cleanroom gloves, the short-term outlook is lacklustre and we have trimmed our 2016-18 net profit forecasts by up to 12%. Thus, we recommend investors HOLD through this challenging period.
- Nevertheless, we are confident about Riverstone’s long-term prospects.
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