DBS Group Research analyst Ling Lee Keng has upgraded Riverstone Holdings to “buy” from “hold”, albeit with a lower target price of $1.85 from $2.03 previously.

The upgrade comes as valuations for the counter have become more “attractive” after a correction in its share price.

“Share price has corrected by close to 50% post our downgrade in November 2020. Riverstone is now trading at an attractive 7.3x FY2021F price-to-earnings (P/E), which is near -1 standard deviation (s.d.) of its 5-year P/E average,” says Ling in a Jan 11 report. “Furthermore, we also expect a bumper dividend for FY2020F.”

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook