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Riverstone
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Joelton
Supreme |
27-Jun-2026 11:30
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Glove maker Riverstone quietly benefiting from the AI boom Wong Teek Son had already been at work for two hours. He had flown into Singapore for Riverstone Holdings&rsquo annual general meeting, and even before sitting down for his 9 am interview, he was on calls with raw material suppliers. Now 64, Wong grew up in Cameron Highlands and studied chemistry before working as an R& D chemist at a company that supplies cleanroom products. When that company shut down, he saw an opening. In the late 1980s, he established a sole proprietorship providing glove chlorination services to manufacturers already clustered in Malaysia. He did this with &ldquo very minimum capital expenditure,&rdquo as he puts it. His insight came from observing what those manufacturers were selling and to whom. At the time, electronics companies across Malaysia were importing specialised cleanroom gloves from abroad. Wong looked at what Malaysia already had (an established glove industry, the raw materials, the labour) and realised, &ldquo We could think of Malaysia as a high-tech, clean-room glove manufacturer.&rdquo And he asked what felt like an obvious question: &ldquo Why don&rsquo t we make use of this opportunity?&rdquo In 1991, he and co-founder Lee Wai Keong established Riverstone Resources. By Wong&rsquo s account, Riverstone became the first manufacturer in Asia with a fully integrated cleanroom glove production process. By 1995, the company had pioneered nitrile clean room glove manufacturing in Malaysia &mdash a decade ahead of most peers. Eventually, in 2006, it was listed on the Singapore Exchange. They had done this, according to Wong, without a single bank loan. &ldquo We just earned the profit and invested it,&rdquo he says. As of March 31, Riverstone carries approximately RM700 million ($218 million) in net cash and no debt. Two glovers, two businesses At the moment, Riverstone makes two types of gloves. The first is healthcare gloves, which are used in hospitals, food service and general industrial settings. This is a high-volume commodity and the competition is fierce, margins are thin and the market often treats most products in this category as interchangeable. The second is cleanroom gloves. These are unique in that they are engineered not only to protect the worker but to protect the product. A semiconductor wafer, for instance, cannot tolerate contamination, corrosion, or static charge. The glove a technician wears serves as the last line of defence. &ldquo A pair of gloves is not very expensive,&rdquo Wong says, &ldquo but without the gloves, they cannot start operations.&rdquo Manufacturing a cleanroom glove involves three distinct production stages compared to one for a standard examination glove. Every specification is customised: from glove length, surface finish and electrostatic properties to ionic content. For instance, a single customer operating facilities across different countries might have different requirements at each site. Riverstone would then have to develop a distinct product for each. Because the qualification process is so rigorous, switching suppliers is costly and disruptive. Once Riverstone&rsquo s glove is qualified at a facility, it tends to stay. Riverstone allocates roughly 80% of production capacity to healthcare gloves and 20% to cleanroom, but the cleanroom segment contributes around 70% of the group&rsquo s gross profit. Proxy to the AI boom Among Riverstone&rsquo s most important cleanroom customers are manufacturers in the hard disk drive and semiconductor industries &mdash the companies whose products power the data infrastructure on which the modern economy runs. Until recently, the hard disk drive industry was widely considered a sunset business. Wong sees it differently now. The explosion of AI infrastructure &mdash data centres built to run large language models &mdash has dramatically increased demand for high-density data storage. His major hard disk customers are actively ramping up capacity, investing in heat-assisted magnetic recording, a technology that stores significantly more data per disk, and which requires the kind of precision manufacturing environment that Riverstone&rsquo s cleanroom gloves are designed for. And more production means more cleanroom gloves. &ldquo Today, everyone is talking about AI,&rdquo Wong says. On the healthcare side, Wong remains clear-eyed about the competitive landscape. Post-pandemic oversupply has kept pricing under pressure, and manufacturers expanding across Southeast Asia add further competition. Riverstone&rsquo s response has been to push further into customised healthcare products &mdash lower-chemical-content gloves for food manufacturers and chemical-resistant variants &mdash where it commands better margins than the generic market. Looking ahead Wong turns 64 this year. He starts work at 7:30 am and schedules nothing after 3:30 pm. He has no immediate plans to retire, but preparations for succession have been underway. Two alternate directors, both chemical engineers with over 30 years at Riverstone, sit on Riverstone&rsquo s board. Behind them, he describes two layers of internal successors in their forties and fifties. &ldquo These are the people that will replace the founder,&rdquo he says. Right now, Riverstone plans to continue its approach of paying out approximately 100% of earnings plus a special dividend roughly equal to annual depreciation. It is a practice that has been consistent for years and aligns with Wong&rsquo s intent to return capital to shareholders. But more importantly, what Wong wants retail investors to understand is that Riverstone is not a story of dramatic growth, but of durable differentiation. &ldquo A lot of people just compare Riverstone with other glove factories,&rdquo he says. He thinks that misses the point: &ldquo Over the past 30 years, we have been the leader in developing all these new products.&rdquo In his view, this is what truly counts. About Riverstone Holdings Malaysia-based Riverstone is a global market leader in manufacturing nitrile and natural rubber cleanroom gloves for highly controlled, critical environments, as well as premium nitrile gloves for the healthcare industry. The company&rsquo s proprietary &ldquo RS Riverstone Resources&rdquo brand is the preferred cleanroom glove for use in high-tech manufacturing industries. The company also manufactures cleanroom consumables such as finger cots and facemasks. Its customers are global leaders in the HDD, LCD, semiconductor, consumer electronics, pharmaceutical and healthcare industries. The company employs approximately 3,000 people throughout its six manufacturing facilities in Malaysia (4), Thailand (1) and China (1), with an annual production capacity of 10.5 billion gloves. It also has an established global network of sales offices to serve its customers in Singapore, Malaysia, Thailand, the Philippines, China and the US. Riverstone was listed on the Mainboard of the Singapore Exchange in 2006. |
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marco69
Senior |
12-May-2026 09:37
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Today most glove stock fall back to correct. Looks like BB all concentrate fire power on riverstone. Now slow down to abstablish a base. Might see a further jump in the afternoon. So how high today?
Hantavirus play, less likely WHO suddenly confidently annouce miracle. |
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piscesmonkey
Supreme |
12-May-2026 08:59
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Powerup | ||||
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shk363
Elite |
11-May-2026 23:07
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missed the boat | ||||
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PiRPiR
Master |
11-May-2026 14:36
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11:31 PM EDT, 05/10/2026 (MT Newswires) -- Riverstone's (SGX:AP4) net profit to equity holders dropped 24% during the first quarter of the year to 41.1 million ringgit from 56.4 million ringgit a year earlier, according to a Friday filing with the Singapore Exchange.
Shares of the manufacturer of gloves were up over 1% in Monday trading. Revenue fell 14.5% year over year to 214.3 million ringgit from 252.3 million ringgit. |
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Joelton
Supreme |
11-May-2026 10:23
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Riverstone Q1 profit falls 27.1% to RM41.1 million on a stronger ringgit Revenue for the first quarter is down 15.1% at RM214.3 million despite steady sales volumes [SINGAPORE] Glove manufacturer Riverstone Holdings posted a 27.1 per cent drop in net profit to RM41.1 million (S$13.3 million) for its first quarter ended Mar 31, 2026, from RM56.4 million in the previous corresponding period. In an update released on Friday (May 8), the mainboard-listed company attributed the decline to the strengthening of the Malaysian ringgit against the US dollar throughout the quarter, which weighed on the group&rsquo s performance. Revenue for Q1 fell 15.1 per cent to RM214.3 million, from RM252.3 million in the year-ago period. This occurred despite steady sales volumes in both the cleanroom and healthcare segments. No dividend was declared for the quarter. Executive chairman and CEO Wong Teek Son said that Q1 &ldquo was a challenging quarter for the group, with macroeconomic and geopolitical factors weighing on (its) reported performance&rdquo . &ldquo Encouragingly, customer demand has to date been stronger than expected. Cleanroom glove segment continues to benefit from artificial intelligence infrastructure and data centre demand, while healthcare glove customers have proactively placed orders to build inventory in anticipation of prolonged supply chain disruptions,&rdquo he noted. Wong added that the group remains &ldquo cautiously optimistic&rdquo about its long-term business growth prospects. Shares of Riverstone : AP4 +4.79% closed at S$0.765 on Friday, up S$0.035 or 4.8 per cent, before the results were announced. |
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Tob231
Elite |
19-Nov-2025 20:34
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Riverstone Holdings (SGX: AP4): Dividend Yield 5%
Riverstone Holdings may not be a household name, but this Malaysian glove manufacturer operates six facilities across Malaysia, Thailand, and China with 10.5 billion gloves annual capacity. While the glove sector?s pandemic boom is long over, Riverstone continues delivering dividends even as it navigates a strategic shift. Revenue held steady at RM497.1 million in 1H2025, but profitability took a hit with net profit falling 29.6% to RM101.8 million. The culprit? Gross margins compressed from 39.6% to 29.7% as management pivoted towards generic healthcare gloves, a lower-margin product that?s seeing stronger demand from hospitals and medical facilities. Despite the profit squeeze, Riverstone maintains financial strength with RM 602.3 million in cash and zero debt on its balance sheet. Free cash flow remains healthy at RM121.2 million, though down 5.4% year on year (YoY) as the company invested RM29.4 million in capital expenditure (more than double the previous year?s spending) to commission three new healthcare production lines in the second half. The company declared dividends of RM0.025 and RM0.030 per share for the second and first quarters respectively, showing management?s confidence in the transition strategy. While facing headwinds from price competition, currency fluctuations, and potential US tariffs, Riverstone is betting that new higher-margin customised products will restore profitability once the healthcare capacity comes online. |
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Sgvale
Supreme |
11-Nov-2025 20:59
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News digested. Thiose want to out out. Those want to in , in already. See ahead. | ||||
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ysh2006
Supreme |
11-Nov-2025 12:13
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Last Yr no flu disease this year plenty so future earning will be good 😌
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Luckygal
Member |
11-Nov-2025 12:03
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Result is out. Better than last Q but much lower than LY Q. Dividend 2.5sen |
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ysh2006
Supreme |
11-Nov-2025 12:01
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Any bad news today this stock fall so much ?...Flu disease disappeared already ? | ||||
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newbie1118
Master |
11-Nov-2025 11:22
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Nice to hear from u boss. Your Raffles Edu flies already.
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Chansenghoe1971
Elite |
11-Nov-2025 11:19
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This is the stock i love to hate
Shorted big time 6 series please |
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money4life
Senior |
11-Nov-2025 11:13
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LoL, think just sell and buy back at 70c. Have to wait for TP to get better
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Sgvale
Supreme |
11-Nov-2025 11:05
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Strong recommendation before the fall. Ummm......
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eddyeddy
Master |
11-Nov-2025 10:34
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RM appreciate against USD too much , 4q result will be badly affected. | ||||
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kye_lin
Master |
11-Nov-2025 10:30
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Might go 7 series soon... | ||||
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arkan1111
Veteran |
11-Nov-2025 09:59
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Only profit reduces 28% y-to-y, gives divident, these people treat the company going to bankrupt hapilly short haha | ||||
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spursfan
Supreme |
10-Nov-2025 19:03
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Riverstone 3QFY25 net profit grows 14.7% q-o-q to RM52 million on robust cleanroom demand from data centre and AI related industries https://links.sgx.com/1.0.0/corporate-announcements/4CKY6BNLS1R1HZJO/866506_RHL%20-%20Press%20Release%203QFY2025.pdf |
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Tob231
Elite |
05-Nov-2025 13:53
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when are they announcing the dividend ..... need some pocket money | ||||
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