As such, Riverstone’s management expects demand for cleanroom gloves to recover in 2024.
UOB Kay Hian analysts Llelleythan Tan and John Cheong have upgraded their call on Riverstone to “buy” as they see that the recovery in the semiconductor industry will benefit the cleanroom glove segment.
“As Riverstone's customers are major manufacturers in the semiconductor and hard disk drive industries, the slowdown in the electronics and semiconductor sectors have led to softer cleanroom glove demand from 2022,” note Tan and Cheong in their Jan 26 report. However, the semiconductor sales market is expected to recover with a 20% growth rate in 2024, up from 11 in 2023.
