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Riverstone Holdings Limited (SG:AP4)
SGX:AP4
Singapore Market
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Riverstone Holdings (AP4) AI Stock Analysis

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SG:AP4

Riverstone Holdings

(SGX:AP4)

Rating:67Neutral
Price Target:
S$1.00
▲(28.21% Upside)
Riverstone Holdings' strong profitability and solid balance sheet are significant strengths, contributing positively to the overall score. The stock's valuation is attractive due to its high dividend yield. However, challenges in revenue and free cash flow growth, along with neutral technical indicators, moderate the overall score.

Riverstone Holdings (AP4) vs. iShares MSCI Singapore ETF (EWS)

Riverstone Holdings Business Overview & Revenue Model

Company DescriptionRiverstone 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 consumables, such as hairnets, antistatic gloves, conductive latex finger cots, static dissipative shoes, safety booties, shoe covers, cleanroom coveralls, ESD rubber bands, sticky mats and rollers, swab-polyester and microfibers, and cleanroom papers. It also provides healthcare products, including blue, white, black, and accelerator free nitrile exam gloves. In addition, the company trades in latex products; and distributes cleanroom products. It sells its products under the RS brand for use in the hard disk drive, semiconductor, and healthcare industries. The company also exports its products to Asia, Europe, and the Americas. Riverstone Holdings Limited was founded in 1989 and is based in Singapore. Riverstone Holdings Limited operates as a subsidiary of Raffles Nominees (PTE.) Limited.
How the Company Makes MoneyRiverstone Holdings makes money primarily through its private equity investments. The company raises capital from institutional investors, such as pension funds, endowments, and high-net-worth individuals, to create investment funds. These funds are then used to acquire or invest in companies within the energy, power, and infrastructure sectors. Riverstone Holdings generates revenue by improving the operational efficiency and profitability of these companies, ultimately seeking to exit these investments at a higher value through sales or public offerings. The firm earns management fees for managing the funds and also benefits from a share of the profits, known as carried interest, upon successfully exiting its investments. Strategic partnerships with industry leaders and leveraging its extensive sector expertise further enhance its ability to generate returns.

Riverstone Holdings Financial Statement Overview

Summary
Riverstone Holdings demonstrates strong profitability with a net profit margin of 25.21% and a robust balance sheet with minimal leverage. However, challenges in revenue growth and a significant decline in free cash flow generation are concerns.
Income Statement
65
Positive
Riverstone Holdings has shown a decline in revenue growth with a negative rate of -19.2% in the TTM period. However, the company maintains strong profitability with a net profit margin of 25.21% and an EBIT margin of 31.64%. The gross profit margin is also healthy at 34.84%. Despite the revenue decline, the company has managed to sustain its profitability, which is a positive indicator.
Balance Sheet
75
Positive
The balance sheet of Riverstone Holdings is robust with a very low debt-to-equity ratio of 0.00023, indicating minimal leverage and financial risk. The return on equity (ROE) is strong at 16.94%, showcasing efficient use of equity to generate profits. The equity ratio is also solid, reflecting a stable financial structure.
Cash Flow
60
Neutral
The cash flow statement reveals a decrease in free cash flow growth at -210.4% in the TTM period, which is concerning. However, the operating cash flow to net income ratio is healthy at 2.99, indicating good cash generation relative to net income. The free cash flow to net income ratio is 71.16%, showing that a significant portion of net income is converted into free cash flow.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue1.07B1.07B914.78M1.26B3.08B1.83B
Gross Profit341.27M390.09M295.51M450.32M1.91B897.61M
EBITDA375.38M423.63M339.81M457.11M1.88B896.45M
Net Income244.04M286.93M220.38M314.40M1.42B647.25M
Balance Sheet
Total Assets1.63B1.78B1.83B2.02B2.70B1.69B
Cash, Cash Equivalents and Short-Term Investments602.26M716.29M863.18M1.04B1.57B648.94M
Total Debt240.00K494.00K1.02M0.001.58M8.06M
Total Liabilities175.24M202.29M143.62M166.84M367.15M329.67M
Stockholders Equity1.46B1.58B1.68B1.85B2.33B1.36B
Cash Flow
Free Cash Flow220.30M227.16M197.36M282.63M1.41B601.73M
Operating Cash Flow317.72M306.99M249.07M416.04M1.57B702.71M
Investing Cash Flow-94.72M-79.61M-51.46M-133.15M-155.91M-99.13M
Financing Cash Flow-341.38M-363.62M-415.53M-801.95M-451.19M-79.52M

Riverstone Holdings Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.78
Price Trends
50DMA
0.70
Positive
100DMA
0.72
Positive
200DMA
0.84
Negative
Market Momentum
MACD
0.02
Negative
RSI
70.85
Negative
STOCH
95.29
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 0.78 is above the 20-day moving average (MA) of 0.71, above the 50-day MA of 0.70, and below the 200-day MA of 0.84, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 70.85 is Negative, neither overbought nor oversold. The STOCH value of 95.29 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

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
67
Neutral
S$1.15B15.6616.42%9.26%18.55%-5.89%
63
Neutral
S$111.58M6.64-5.60%3.70%-40.02%-176.13%
51
Neutral
$7.95B-0.40-41.67%2.21%22.29%-1.85%
47
Neutral
S$64.88M-2.36%25.06%37.11%
S$142.08M6.176.49%
S$228.78M22.08-2.83%
S$152.14M8.7123.87%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:AP4
Riverstone Holdings
0.78
-0.03
-3.70%
SG:8K7
UG Healthcare Corp. Ltd.
0.10
-0.02
-16.67%
SG:BTP
Baker Technology Limited
0.55
-0.06
-9.84%
SG:C9Q
Sinostar PEC Holdings Limited
0.15
0.02
15.38%
SG:DU4
Mermaid Maritime Public Co., Ltd.
0.12
0.00
0.00%
SG:T13
RH Petrogas Limited
0.18
0.04
28.57%

Riverstone Holdings Corporate Events

Riverstone Holdings Appoints New Non-Executive Director
Jul 16, 2025

Riverstone Holdings Limited, a company incorporated in Singapore, has announced the appointment of Mr. Dumrongsak Aroonprasertkul as a Non-Independent Non-Executive Director, effective from July 16, 2025. This appointment follows Mr. Aroonprasertkul’s resignation as General Manager of operations in Thailand, and it reflects the company’s strategic move to enhance its board’s expertise and governance structure.

The most recent analyst rating on (SG:AP4) stock is a Buy with a S$1.25 price target. To see the full list of analyst forecasts on Riverstone Holdings stock, see the SG:AP4 Stock Forecast page.

Riverstone Holdings Limited Conducts Annual General Meeting
May 19, 2025

Riverstone Holdings Limited, a company incorporated in Singapore, held its Annual General Meeting (AGM) at the Raffles City Convention Centre. The meeting was chaired by Mr. Wong Teek Son, the Executive Chairman and CEO, and attended by the company’s directors, CFO, and company secretary, along with shareholders. During the AGM, all resolutions were voted on by poll, in compliance with the Singapore Exchange’s Listing Manual requirements.

The most recent analyst rating on (SG:AP4) stock is a Buy with a S$1.25 price target. To see the full list of analyst forecasts on Riverstone Holdings stock, see the SG:AP4 Stock Forecast page.

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.Date of analysis: Aug 21, 2025