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Riverstone
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Riverstone go go go!
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Longtermer
Elite |
24-Feb-2022 12:14
Yells: "A disciplined investor is a wealthy investor" |
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Riverstone Holdings: Results First Take: FY21 broadly inline bumper dividend declaredDBS Group Research23 Feb 2022
FY21 results broadly inline. FY21 revenue surged by 68.5% y-o-y to RM3.08 bn due to higher sales volume and average selling prices (ASP) for both healthcare (HC) and cleanroom (CR) gloves as demand climbed for these products. Gross profit margin improved to 61.9% from 49.1% in FY20. Overall, net profit saw a 119% y-o-y jump to RM1,417.9m. Bumper dividend of total 48 sen. The group has declared a final DPS of 28 sen and a special interim DPS of 10 sen. Including the interim DPS of 10 sen declared earlier, this brings total DPS to 48 sen for FY21 (22 sen in FY20), or a dividend payout ratio of 50%, similar to FY20. The special DPS will be paid on 6 April 2022 (record date: 15 March 2022) and the final DPS on 19 May 2022 (record date: 5 May 2022). Demand for healthcare gloves improving but pricing pressures still persist. Current demand for HC gloves has improved from 4Q21. Riverstone&rsquo s utilization rate has improved to c.85% from c.70% to 75% in 3Q21 and 4Q21. According to Malaysian Rubber Glove Manufacturers Association (MARGMA), the demand for gloves in 2022 and 2023 will be 10% to 15% higher than the pre-Covid 19 level, due to the global spread of the Covid-19 Omicron variant. ASP, however, is still trending lower. Strong demand and stable ASP for cleanroom gloves on the other hand. Demand for CR remains strong. The ASP is expected to remain firm at around the US$100 level. Going forward, the CR segment is expected to provide earnings resiliency and sustainable growth for the group. Rising raw material prices to affect margins. On the back of the weaker ASP for HC gloves and the rising raw material prices, margins are expected to be lower. Prices for butadiene, which accounts for the bulk of the raw materials prices for nitrile gloves, have surged c.80% to cross the US$1000 level per metric tonne, from c.US$600 as at end of 2021, on the back of the rising oil prices. Delay in capacity expansion plans. The group faced temporary delays for the Phase 7 expansion plans, as a result of the disruption to construction and other related works caused by the MCO in Malaysia. Hence, the additional 1.5 billion pieces of new production capacity will only come online by the end of 2022 instead of by end of 2021. The group is preparing for Phase 8 expansion plans, which is slated to add up to 1.5 billion pieces of gloves to bring the total annual production capacity to c.13.5 billion by FY2022/23. Significant exposure to the cleanroom space a key differentiating factor among peers, and to provide earnings resiliency for sustainable growth in the longer term. With the significant drop in the ASP for HC but the stable CR price, Riverstone stands out among its peers as the market leader in the high-end cleanroom space. CR gloves currently accounts for c.20% in terms of production volume and about 30% out of the total revenue and earnings. Earnings from the CR segment accounted for c.70% of total earnings pre-COVID. The CR segment is expected to provide earnings resiliency for sustainable growth. We will review our numbers post the results briefing this morning. We currently have a BUY call with TP of S$1.20. DYODD
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tritonyeah6666
Senior |
24-Feb-2022 10:33
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Hahaha. When analysts downgrade & said sell, didn't hear you shout buy ler ... :)
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Longtermer
Elite |
24-Feb-2022 09:45
Yells: "A disciplined investor is a wealthy investor" |
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Those who holds RS shares who get 12c dividends. Looking at the yield, no other companies can beat RS.. TP is at $1.20!
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easywin
Supreme |
24-Feb-2022 09:32
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Dropped give good opportunity to buy cheap with good dividend | ||||
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eric998
Supreme |
24-Feb-2022 08:41
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when analysts say buy its time to sell or short.. HUAT to all..
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Everyday
Elite |
24-Feb-2022 08:17
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Riverstone doubles FY2021 earnings to RM1.42 billion, plans total dividends of 48 senThe Edge Singapore Published on Tue, Feb 22, 2022 / 11:06 PM GMT+8 / Updated 1 days ago
Glove maker Riverstone Holdings has reported earnings of RM1.42 billion for FY2021 ended Dec 2021, up 119.1%. Revenue in the same period was up 68.5% to RM3.08 billion, as the pandemic drove demand for gloves.
The company plans to pay a final dividend of 28 sen per share, a special dividend of 10 sen per share, bringing total FY2021 payout to 48 sen. &ldquo This segment has proven its resiliency and has grown steadily over the years. Our customers in this space rely on the specific properties and elements that our gloves are known for,&rdquo he adds. The company&rsquo s planned expansion of its production capacity to 1.5 billion gloves by end of 2021 has been delayed because of the pandemic to end of 2022. It plans to increase its capacity by another 1.5 billion pieces by end of FY2023. |
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investor999
Elite |
24-Feb-2022 07:35
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He forgot why share price dropped half value despite making profits. | ||||
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nitrodrops
Member |
24-Feb-2022 07:35
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https://www.dbs.com.sg/treasures/aics/templatedata/article/recentdevelopment/data/en/DBSV/022022/RSTON_SP_02232022.xml DBS Group research
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in5ydious
Member |
24-Feb-2022 07:10
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Why would there be a query if the jump is after an overnight announcement of a RM0.10 and RM0.28 double dividend? Considering the share price as it stands, 10%+ jump is more than validated....
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PhillipTan
Supreme |
24-Feb-2022 00:11
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Up by more than 10% no query from SGX RegCo? |
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marco69
Senior |
23-Feb-2022 19:15
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Indeed we saw it. Looks like we are happy for the day. Hope tomorrow will be more happy...another spot on... 😂
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marco69
Senior |
23-Feb-2022 19:11
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A strong movement today. Never retreat much from the peak. Should be able to see more movement for next few session.
Today is the day where the shortist try to recover n short more n cause more loss along the way up. Tomorrow will be another day those shortist will try again but will get screw again and contribute to spike further up.... Again... |
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tcctcc
Senior |
23-Feb-2022 18:32
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Never open at $0.80 but instead close at $0.825. Let' s see what analyst got to say tomorrow after today' s result briefing by Mr Wong. Maybe today' s volume contributed by some of these analyst who will be giving rosy report from tomorrow. But agree that Riverstone is still worth the keep till $1.
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FreedomAngelz
Veteran |
23-Feb-2022 17:21
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haha.....shortist have to cover as much as possible. $0.13 dividend is very chor for them. |
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Longtermer
Elite |
23-Feb-2022 17:07
Yells: "A disciplined investor is a wealthy investor" |
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Good run up.. shortists need to pay 12c if they hold till payout. Cheers!!
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Midtermer
Master |
23-Feb-2022 16:27
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Next resistance at 925. Let's see if we close above 830 today. Congrats to all holders!
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Ipoh123
Senior |
23-Feb-2022 15:42
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Very strong vol., long to enjoy | ||||
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marco69
Senior |
23-Feb-2022 15:21
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Interestingly someone holding a defence position at 815.....1 mil buy Q.
Look like chance of going higher is...... High.... |
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marco69
Senior |
23-Feb-2022 15:18
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Last 2 years result released on the 25th. Last night earlier release I wonder if it cause the shortist to be caught off guard?
Today movement looks like shortist contribute too. Panic covering.... |
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investor999
Elite |
23-Feb-2022 15:02
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The buying before results announced was up to 0.76.
With the 12 cents dividends, the bullish will be looking at 0.88
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