“Depending on specifications, Riverstone’s cleanroom glove ASPs are quoted at US$105.00 – US$110.00 ($141.24 - $147.96) currently, after passing on the cost savings to its customers,” writes the team.
The team at RHB Group Research has upgraded Riverstone to “neutral” from “sell”, as it sees the glove company’s cleanroom glove average selling prices (ASPs) to remain resilient in the shorter term.
The team has also upped its target price estimate on the counter to 74 cents from 65 cents before. The new target price implies an FY2023 P/E of 16x, which is in line with its pre-pandemic five-year mean.
