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Riverstone
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RIVERSTONE HOLDINGS LIMITED
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investor999
Elite |
01-Mar-2021 13:12
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RS is making a triple bottom at 1.33 | ||
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Hector
Veteran |
01-Mar-2021 09:58
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Base on their amazing profit report and their conviction for next few years, I hope that market sentiment for glove stock can improve. Hope to see 1.8X level sooner |
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Joelton
Supreme |
01-Mar-2021 09:49
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Riverstone Q4 net profit rises to RM331.1m, full-year profit reaches record high
MALAYSIAN glove maker Riverstone Holdings posted a net profit of RM331.1 million (S$108.8 million) for the fourth fiscal quarter ended December 2020, up from RM32.1 million in the year-ago period.
This pushed the group' s net profit for FY 2020 to a record-high of RM647.3 million, versus RM130.4 million in FY 2019.
For the fourth quarter, the group reported higher revenue of RM720.8 million compared to RM257.4 million in the corresponding quarter last year.
Revenue for the full fiscal year also rose 85 per cent to RM1.83 billion from RM989 million in FY 2019. Riverstone said the increase was attributable to higher quantities of both healthcare and cleanroom gloves being shipped.
The group' s gross profit for the year rose to RM897.6 million from RM198.9 million, and its gross profit margin increased 29 percentage points year-on-year (y-o-y) to 49.1 per cent.
The " marked increase" in sales activities over the year had also resulted in higher expenses for the company. Selling and distribution expenses rose 25 per cent y-o-y to RM22 million, while general and administrative expenses increased 57.3 per cent to RM34.4 million.
Riverstone has recommended a special dividend of four sen per share and a final dividend of 16 sen per share, bringing its total dividends for FY 2020 to 22 sen. The final dividend is subject to shareholders' approval at the forthcoming annual general meeting.
As part of its expansion plans, Riverstone is looking to add 1.5 billion pieces of gloves - all of which have already been booked by customers - to its annual production capacity in 2021. This will bring its total capacity to 12 billion pieces of gloves per annum by the end of this year.
The group added that its two further expansion phases from 2022 to 2023 are projected to increase capacity by 1.5 billion pieces of gloves per annum, to a total of up to 15 billion by end of 2023.
However, Riverstone noted that macroeconomic headwinds such as US dollar fluctuations, volatile raw material prices and increases in overall production costs continue to pose challenges.
Riverstone' s chief executive Wong Teek Son said he expects demand for the firm' s healthcare examination gloves to remain robust as healthcare systems around the world continue to fulfil immediate supply shortfalls as well as replenish reserves.
Said Mr Wong: " Apart from the healthcare segment, we continue to differentiate ourselves from our industry peers via our high-end cleanroom glove business which has experienced significant growth, driven by the advent of 5G technology and manufacturing industries including lenses, batteries and semiconductors.
" For the foreseeable future, we believe that glove demand for healthcare and cleanroom gloves will remain high due to ongoing Covid-19 testing and vaccine roll-out which require the usage of gloves."
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nqing87
Supreme |
28-Feb-2021 19:01
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Lol analyst logic.. results break their expectation, and they raise the future earnings forecast, but then give a lower tp..
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gregtan123
Supreme |
28-Feb-2021 17:03
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LAI LAI Liao: CIMB-CGS 2nd Broker (today 28 Feb 2021) just released New Target Price of 2.30 SGD (lowered from 2.50 SGD) after DBS on Friday (26 Feb 2021) released new report with New Target Price of 1.85 SGD. MONDAY JUST WHACK OPENING. NEXT SRI TRANG AGRO! 4Q20 net profit of RM331m (+85% qoq, +932% yoy) was ABOVE EXPECTATIONS. Dividend declared for FY20 of 22 sen/share also surprised on the upside. Fundamentals remain solid with further ASP hikes RSTON continues to prioritise its cleanroom segment to lift sustainable earnings. Reiterate Add, with a TP of S$2.30 (15x CY22F P/E). 4Q20 results a beat special dividend declared Despite some shipment delays, Riverstone Holdings&rsquo (RSTON) 4Q20 net profit of RM331m (+85% qoq, +932% yoy) was above expectations due to stronger-thanexpected margin expansion, led by stronger ASPs. FY20 net profit of RM647m was above expectations at 110%/117% of our/Bloomberg consensus estimates. With the declaration of a special dividend, RSTON&rsquo s FY20 dividend payout ratio is raised to 50% (FY19: 40%). Total FY20 DPS amounted to 22 sen/share, implying a 5.3% dividend yield. Fundamentals remain solid with further ASP hikes We expect the price hike momentum to continue, amid glove shortages and higher raw material prices. RSTON targets healthcare/cleanroom glove ASPs to grow by 40%/30% qoq to US$95/US$100 per carton in 1Q21F. We expect GPM to further expand in 1Q21F, as the selling price uptrend continues to outpace raw material cost increases. Management notes that inventory levels across the supply chain are likely to remain low, with some distributors requesting for air freight recently to meet glove demand. RSTON continues to focus on maintaining capacity allocation to long-standing customers its FY21F capacity (including new addition of 1.5bn pcs/annum) has been fully taken up. https://s3-ap-southeast-1.amazonaws.com/investingnote-production-webbucket/attachments/8e01982b032e7860bc6cda9f836022e8105c40dc.pdf?1614495950 |
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lhc1964
Senior |
28-Feb-2021 14:07
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Hypothesis : Revenues in 2021 , 2.5b , net profit margin at 40% , NP will be RM 1b. Revenues in 2022 , 2.8b , net profit margin at 30% , NP will be RM 840m ( Assume lower ASP ) |
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lhc1964
Senior |
26-Feb-2021 22:32
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If ASP is US$90 per 1,000 pieces , additional 1.5b pieces can generate another US$135,000,000 revenues. 135 x 4.02 = RM542.7 m
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gregtan123
Supreme |
26-Feb-2021 21:15
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They Release Corp Slides: This Year Results will be better than the one just announced yesterday.
They Release Corp Slides: This Year Results will be better than the one just announced yesterday. Dividend likely maintained next year too Group will add 1.5 billion pieces of gloves in 2021, with the first production line of this new Phase 7 ready in Apr 2021. By the end of 2021, the Group will have a total capacity of 12.0 billion pieces of gloves per annum All of the new capacity (1.5 billion pieces of gloves) has been booked by customers The Cleanroom segment position has also been strengthened during the pandemic and it will continue to perform well in view of the high demand from the semiconductor industry. Meanwhile, see DBS New TP of 1.85 SGD https://research.sginvestors.io/2021/02/riverstone-dbs-group-research-... |
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gregtan123
Supreme |
26-Feb-2021 18:10
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FIRST ANALYST COVERAGE Post DBS: 1.85 SGD https://research.sginvestors.io/2021/02/riverstone-dbs-group-research-2021-02-26.html |
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investor999
Elite |
26-Feb-2021 16:56
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dont' t just watch. Buy lah Don' t know why the share price cannot move with good results. Stupid counter |
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lhc1964
Senior |
26-Feb-2021 16:49
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The selling pressures are great but the buyng supports are also very strong. | ||
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whocare1981
Member |
26-Feb-2021 16:01
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I think price will not move until June of this year . Bcos all analyst price in for good result this year, but all expected profit to drop into half in 2022 and another half in 2023. So bascailly they all are saying this year good result is one off event. Next year or two will back to normal. Currently nitrille lead time for Top glove is 200 days as in topglove website. If in June still 200 days , we know that the ASP will not come down next year . Maybe keep increasing until it find a price that you will still find a buyer. JP morgan said ASP will drop 2nd half of this year. We shall see. |
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anton1967
Senior |
26-Feb-2021 14:30
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Maybe market has priced in the good result already , something well expected ahead ? | ||
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cucina
Master |
26-Feb-2021 13:30
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Think it' s fri plus the steep drop in Dow overnight. Let' s see next week.
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Sgvale
Supreme |
26-Feb-2021 13:24
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Result so good also like that | ||
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gregtan123
Supreme |
26-Feb-2021 13:09
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2nd Number Crunching 4 u all RS holders. DBS Vickers Report on 11 Jan 2021, TP: 1.85 SGD based on Net Profit Est: 565 Mil and 5 CENTS dividend Bumper dividend expected. Riverstone could declare a bumper dividend on the back of exceptionally high profits driven by strong demand and high ASP in year 2020. DPS could more than double to 5Scts in FY20F, Actual Net Profit: 82.3 Million or beating estimate by 14.57% and Dividied actual 7 cents beating by 40% More Dividend. |
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gregtan123
Supreme |
26-Feb-2021 11:57
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Did some numbers crunching for Q4 vs Estimates esp since it was FY report. CIMB Jan 12, 2021 made a call with TP 2.50 SGD, with a Q4 predicted Net Profit of RM 275 Million. Riverstone Actual Net Profit: 647.3 (FY Net Profit) - 316.2 (3 Quarters see last q3 presentation) = 331.1 Million RM, beating Estimate by 56 Million RM by a 20.4% Beating Estimate on Net Profit. DYODD. |
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highlander
Senior |
26-Feb-2021 11:26
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An article from Tradeview : ================================ Tradeview Riverstone Results Update FY 2020 (Q4) 25 February 2021 To start off, I didnt know the results was out today. I thought it would be out tomorrow. This is truly a surprise. As the results was shown in full year terms, some may not get the actual implication. So yo put things into perspective, I will dissect such that you can compare this quarter to the earlier quarter. In earlier Q3 - the Revenue was RM 482 million, the net profit was RM 178.6 million. In the current Q4 - the Revenue was RM 720 million, the net profit was RM 331.1 million. The % increase on earnings for both QoQ and YoY was 85% and 1061% (to compare, Hartalega was 84% QoQ & 786% YoY) The net cash position is now RM 641.9 million compared to before which was RM 117.4 million (5.6X) Special dividend 16 sens + 4 sens is announced to reward shareholders on top 2 sens earlier bringing full year to 22 sens (adjusted). At current share price of $1.37, the dividend yield is 5.26%. The reason for this is not solely because of nitrile medical gloves but because their cleanroom gloves for the tech, semiconductor and various industries Riverstone is the world market leader have delivered strongly. This is the twin turbo engine of cleanroom + medical gloves. Riverstone is not only a proxy play to pandemic and healthcare sector but also the tech and semiconductor industry. This why it is sustainable even post pandemic. Additionally, Riverstone ASP price hike is not even as high as Supermax or Top Glove. There is further capacity coming on board in the next 3 years which would grow the capacity from 10.4 billion to 15 billion, gradually across the next 3 years. I think most importantly, whether we use DCF, EV/EBITDA or PER multiple, there is no denying that Riverstone is officially top in the industry despite its minute capacity in comparison to world biggest players. Their results is a testament to their high efficiency, quality and shows why they are Tier 1. I shall leave it as that. Source : www.tradeview.my |
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Traveler
Member |
26-Feb-2021 10:54
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Probably affected by the overnight sharp drop in Wall St and the overall regional weak market this morning. IMO, 1.35 a good buy :)
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anton1967
Senior |
26-Feb-2021 10:00
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Not reacting possitively to good result and dividend . Anyway loaded anther 20 lots at 1.35 . | ||
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