DBS Group Research analyst Ling Lee Keng has maintained her “buy” call on Riverstone Holdings, albeit with a lower target price of $1.28 from $1.77 previously.
The new target price is still pegged to Riverstone’s four-year average price-to-earnings (P/E) of 10 times on blended FY2022 and FY2023 earnings to reflect a more “normalised environment”, writes Ling in an Oct 4 report.
