“At its current share price of SGD3.64, Riverstone is trading at 8.6x FY21F P/E. This is below its average forward P/E of 13.4x, which we think is unjustified,” they stress.
Glove manufacturer Riverstone Holdings is a “diamond in the rough” says RHB Securities’ Singapore Research team, who is initiating coverage on the counter with a ‘buy’ call and target price of $5.45.
This is believed to give the counter a 50% upside from its $3.64 price on Oct 28, the team says in its initiation note on Oct 29.
