SGX Market News : Riverstone raised to ‘hold’ by CIMB with 91 cents target

SINGAPORE (June 23): CIMB has upgraded Riverstone Holdings to “hold” from “reduce” with an unchanged target price of 91 cents as the manufacturer of cleanroom and healthcare gloves nears the completion of the third phase in its capacity expansion plans.

CIMB said in a Wednesday report that Riverstone’s phase III expansion “should remain on schedule” for completion by end-FY16.

This will see Riverstone’s production capacity jump 19.2% y-o-y to 6.2 billion pieces per annum, up from its FY15 capacity of 5.2 million pieces.

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