Riverstone gets a rerating as 1Q sees snappy improvement

SINGAPORE (May 8): CIMB is upgrading Riverstone Holdings to “add” and revising its target price to $1.11 from $0.91.

The group’s 1Q17 core net profits managed to beat CIMB’s expectations, with a 17% y-o-y increase to RM29.4 million ($9.5 million) in 1Q17. Reported net profit rose 24% y-o-y to RM33.6 million.

The group also displayed strong topline growth, with revenue increasing 39% y-o-y to RM206 million in 1Q17.

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