Riverstone Holdings Limited (SG:AP4)
SGX:AP4
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Riverstone Holdings
(SGX:AP4)
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Rating:79Outperform
Price Target:
S$1.00
▲(11.11% Upside)
Action:Reiterated
Date:05/13/26
The score is driven primarily by strong financial quality—especially the near-zero leverage balance sheet and solid profitability/free cash flow—offset by recent revenue decline and margin compression. Technicals are supportive with price above major moving averages and positive MACD, though RSI is elevated. Valuation is helped by a very high dividend yield alongside a reasonable P/E.
Positive Factors
Balance Sheet Strength
Near-zero leverage gives the company long-term financial flexibility to fund operations, sustain dividends, support buybacks or pursue opportunistic M&A without stressing cash flow. Low debt materially reduces bankruptcy risk and improves resilience across cycles.
Negative Factors
Revenue Decline
A recent drop in revenue signals weaker demand or loss of momentum which can persist if structural growth drivers are absent. Prolonged top-line contraction would erode operating leverage, reduce reinvestment capacity, and pressure long-term cash generation and returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Near-zero leverage gives the company long-term financial flexibility to fund operations, sustain dividends, support buybacks or pursue opportunistic M&A without stressing cash flow. Low debt materially reduces bankruptcy risk and improves resilience across cycles.
Read all positive factors
Riverstone Holdings (AP4) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.36B
Dividend Yield8.7%
Average Volume (3M)4.77M
Price to Earnings (P/E)19.4
Beta (1Y)0.45
Revenue Growth-7.32%
EPS Growth-25.97%
CountrySG
Employees3,000
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.15
Shares Outstanding1,484,904,000
10 Day Avg. Volume8,088,999
30 Day Avg. Volume4,774,049
Financial Highlights & Ratios
PEG Ratio-0.77
Price to Book (P/B)2.76
Price to Sales (P/S)4.24
P/FCF Ratio18.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.00Price Target Upside11.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.13
Revenue Forecast (FY)S$1.05B
Riverstone Holdings Business Overview & Revenue Model
Company Description
Riverstone Holdings Limited, an investment holding company, manufactures and distributes cleanroom and healthcare gloves in Malaysia. The company offers cleanroom finger cots, static shielding and packaging bags, face masks, and wipers; and other ...
How the Company Makes Money
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Riverstone Holdings Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
92
Very Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 958.16M | 1.07B | 914.78M | 1.26B | 3.08B |
| Gross Profit | 287.54M | 390.09M | 295.51M | 450.32M | 1.91B |
| EBITDA | 308.24M | 423.63M | 339.81M | 479.91M | 1.91B |
| Net Income | 200.02M | 286.93M | 220.38M | 314.40M | 1.42B |
Balance Sheet | |||||
| Total Assets | 1.64B | 1.78B | 1.83B | 2.02B | 2.70B |
| Cash, Cash Equivalents and Short-Term Investments | 630.25M | 716.29M | 863.18M | 1.04B | 1.57B |
| Total Debt | 0.00 | 494.00K | 1.02M | 0.00 | 1.58M |
| Total Liabilities | 163.89M | 202.29M | 143.62M | 166.84M | 367.15M |
| Stockholders Equity | 1.48B | 1.58B | 1.68B | 1.85B | 2.33B |
Cash Flow | |||||
| Free Cash Flow | 214.24M | 227.16M | 197.36M | 282.63M | 1.41B |
| Operating Cash Flow | 294.87M | 306.99M | 249.07M | 416.04M | 1.57B |
| Investing Cash Flow | -78.14M | -79.61M | -51.46M | -133.15M | -155.91M |
| Financing Cash Flow | -285.83M | -363.62M | -415.53M | -801.95M | -451.19M |
Riverstone Holdings Technical Analysis
Positive
0.90
Price Trends
0.74
Positive
0.77
Positive
0.76
Positive
Market Momentum
0.05
Negative
73.15
Negative
83.70
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:AP4, the sentiment is Positive. The current price of 0.9 is above the 20-day moving average (MA) of 0.80, above the 50-day MA of 0.74, and above the 200-day MA of 0.76, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 73.15 is Negative, neither overbought nor oversold. The STOCH value of 83.70 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:AP4.
Riverstone Holdings Peers Comparison
UnderperformOutperform
Sector (51)
SG:AP4
Riverstone Holdings
0.92
0.25
37.59%
SG:BSL
Raffles Medical Group
0.96
-0.02
-2.45%
SG:A50
Thomson Medical Group Ltd.
0.06
0.02
36.59%
SG:1D4
Aoxin Q&M Dental Group Ltd.
0.24
0.20
445.45%
SG:505
Asiamedic Limited
0.02
0.01
91.67%
SG:5WA
OUE Lippo Healthcare Limited
0.03
<0.01
21.74%
Riverstone Holdings Corporate Events
Riverstone’s First-Quarter Profit Falls as Post-Pandemic Glove Demand Normalizes
May 12, 2026
Riverstone Holdings reported unaudited first-quarter FY2026 revenue of RM214.3 million, down about 15% year-on-year and quarter-on-quarter, reflecting softer demand or pricing in its glove and related businesses. Gross profit fell to RM62.0 millio...
Riverstone’s Q1 Earnings Hit by Strong Ringgit but Cash Pile Grows
May 8, 2026
Riverstone Holdings reported a weak first quarter of 2026 as currency movements and macroeconomic headwinds dragged on performance despite steady sales volumes in both cleanroom and healthcare glove segments. Revenue fell 15.1% year on year to RM2...
Riverstone Shifts to Half-Yearly Financial Reporting on SGX
Feb 25, 2026
Riverstone Holdings will shift from voluntary quarterly financial reporting to a half-yearly schedule in line with Singapore Exchange rules, citing that semi-annual updates are sufficient to inform shareholders and potential investors about the gr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.