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CGS-CIMB downgrades Riverstone Holdings to 'hold' on weaker prospects for healthcare glove industry

Felicia Tan
Felicia Tan8/15/2022 09:08 AM GMT+08  • 3 min read
CGS-CIMB downgrades Riverstone Holdings to 'hold' on weaker prospects for healthcare glove industry
CGS-CIMB has also lowered its target price to 80 cents. Photo: Bloomberg
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CGS-CIMB Research has downgraded Riverstone Holdings to “hold” from “add” previously due to weaker prospects for the healthcare glove industry.

On Aug 11, Riverstone reported earnings of RM208.9 million ($64.4 million) for the 1HFY2022 ended June, 79.9% lower than the earnings of RM1.04 billion in the same period the year before.

In its earnings statement, the company attributed the lower earnings to a normalisation of the market in terms of selling prices and demand for medical gloves, as well as lower sales activities and lower performance incentives.

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