Reported Earnings • May 11
First quarter 2026 earnings released: EPS: RM0.028 (vs RM0.038 in 1Q 2025) First quarter 2026 results: EPS: RM0.028 (down from RM0.038 in 1Q 2025). Revenue: RM214.3m (down 15% from 1Q 2025). Net income: RM41.1m (down 27% from 1Q 2025). Profit margin: 19% (down from 22% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Price Target Changed • Apr 30
Price target decreased by 13% to S$0.80 Down from S$0.92, the current price target is an average from 4 analysts. New target price is 7.4% above last closing price of S$0.74. Stock is down 18% over the past year. The company is forecast to post earnings per share of RM0.13 for next year compared to RM0.14 last year. Declared Dividend • Apr 07
Dividend of RM0.05 announced Shareholders will receive a dividend of RM0.05. Ex-date: 7th May 2026 Payment date: 15th May 2026 Dividend yield will be 13%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio) nor is it covered by cash flows (113% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3.0% to bring the payout ratio under control. EPS is expected to grow by 23% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Apr 02
Riverstone Holdings Limited, Annual General Meeting, Apr 20, 2026 Riverstone Holdings Limited, Annual General Meeting, Apr 20, 2026, at 14:00 Singapore Standard Time. Location: raffles city convention centre, skai suites, level 4, 2 stamford road, singapore 178882, Singapore Declared Dividend • Mar 09
Dividend of RM0.04 announced Shareholders will receive a dividend of RM0.04. Ex-date: 13th March 2026 Payment date: 6th April 2026 Dividend yield will be 12%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio) nor is it covered by cash flows (113% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3.0% to bring the payout ratio under control. EPS is expected to grow by 23% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 26
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: RM0.14 (down from RM0.19 in FY 2024). Revenue: RM995.3m (down 7.2% from FY 2024). Net income: RM207.8m (down 28% from FY 2024). Profit margin: 21% (down from 27% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.4%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Declared Dividend • Nov 16
Dividend of RM0.025 announced Shareholders will receive a dividend of RM0.025. Ex-date: 21st November 2025 Payment date: 5th December 2025 Dividend yield will be 9.2%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (106% earnings payout ratio) nor is it covered by cash flows (152% cash payout ratio). The dividend has increased by an average of 28% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 18% to bring the payout ratio under control. EPS is expected to grow by 21% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: RM0.035 (vs RM0.049 in 3Q 2024) Third quarter 2025 results: EPS: RM0.035 (down from RM0.049 in 3Q 2024). Revenue: RM247.5m (down 17% from 3Q 2024). Net income: RM52.0m (down 28% from 3Q 2024). Profit margin: 21% (down from 24% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Price Target Changed • Oct 09
Price target increased by 7.9% to S$0.92 Up from S$0.85, the current price target is an average from 4 analysts. New target price is 14% above last closing price of S$0.81. Stock is down 9.6% over the past year. The company is forecast to post earnings per share of RM0.16 for next year compared to RM0.19 last year. Upcoming Dividend • Sep 10
Upcoming dividend of RM0.025 per share Eligible shareholders must have bought the stock before 16 September 2025. Payment date: 03 October 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 8.5%. Within top quartile of Singaporean dividend payers (5.4%). Higher than average of industry peers (1.5%). Declared Dividend • Aug 27
Dividend of RM0.025 announced Shareholders will receive a dividend of RM0.025. Ex-date: 16th September 2025 Payment date: 3rd October 2025 Dividend yield will be 12%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (106% earnings payout ratio) nor is it covered by cash flows (145% cash payout ratio). The dividend has increased by an average of 29% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 18% to bring the payout ratio under control. EPS is expected to grow by 27% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Aug 22
Riverstone Holdings Limited Proposes Interim Tax-Exempt (One-Tier) Dividend for the Financial Year Ending 31 December 2025, Payable on 3 October 2025 NOTICE IS HEREBY GIVEN that the Share Transfer Books and Register of Members of Riverstone Holdings Limited will be closed from 5.00 p.m. on 22 August 2025 (the ‘Record Date’) for the preparation of dividend warrants for the interim tax-exempt (one-tier) dividend of 2.50 sen per ordinary share for the financial year ending 31 December 2025 (the ‘Proposed Interim Dividend’). Duly completed registrable transfers received by the Company's Share Registrar, Boardroom Corporate & Advisory Services Pte. Ltd. of 1 Harbourfront Avenue, #14-07 Keppel Bay Tower, Singapore 098632 up to 5.00 p.m. on the Record Date will be registered to determine members' entitlements to the Proposed Interim Dividend. Members whose securities accounts with The Central Depository (Pte) Limited are credited with shares as at 5.00 p.m. on the Record Date will be entitled to the Proposed Interim Dividend. Payment of the Proposed Interim Dividend will be made on 3 October 2025. Major Estimate Revision • Aug 14
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from RM1.17b to RM1.10b. EPS estimate also fell from RM0.185 per share to RM0.162 per share. Net income forecast to grow 3.6% next year vs 34% growth forecast for Medical Equipment industry in Singapore. Consensus price target down from S$0.90 to S$0.85. Share price fell 6.2% to S$0.68 over the past week. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: RM0.031 (vs RM0.049 in 2Q 2024) Second quarter 2025 results: EPS: RM0.031 (down from RM0.049 in 2Q 2024). Revenue: RM244.8m (flat on 2Q 2024). Net income: RM45.4m (down 37% from 2Q 2024). Profit margin: 19% (down from 29% in 2Q 2024). Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • May 22
Co-Founder recently bought S$719k worth of stock On the 20th of May, Teek Son Wong bought around 1m shares on-market at roughly S$0.72 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Teek Son's only on-market trade for the last 12 months. Announcement • May 20
Riverstone Holdings Limited Approves Final Tax Exempt (1-Tier) Dividend for the Financial Year Ended 31 December 2024, Payable on May 16, 2025 Riverstone Holdings Limited had approved the payment of a final tax exempt (1-tier) dividend of 8.00 sen (RM) per ordinary share for the financial year ended 31 December 2024. The proposed final dividend, if approved, will be paid on 16 May 2025 to the members registered in the Register of Members up to 5.00 p.m. on 2 May 2025. Declared Dividend • May 19
Dividend of RM0.03 announced Shareholders will receive a dividend of RM0.03. Ex-date: 23rd May 2025 Payment date: 6th June 2025 Dividend yield will be 12%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (104% earnings payout ratio) nor is it covered by cash flows (158% cash payout ratio). The dividend has increased by an average of 30% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 15% to bring the payout ratio under control. EPS is expected to grow by 21% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Major Estimate Revision • May 14
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from RM1.35b to RM1.19b. EPS estimate fell from RM0.226 to RM0.187 per share. Net income forecast to grow 4.4% next year vs 28% growth forecast for Medical Equipment industry in Singapore. Consensus price target down from S$1.17 to S$0.93. Share price fell 23% to S$0.72 over the past week. Price Target Changed • May 09
Price target decreased by 7.7% to S$1.08 Down from S$1.17, the current price target is an average from 4 analysts. New target price is 42% above last closing price of S$0.77. Stock is down 14% over the past year. The company is forecast to post earnings per share of RM0.19 for next year compared to RM0.19 last year. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: RM0.038 (vs RM0.049 in 1Q 2024) First quarter 2025 results: EPS: RM0.038 (down from RM0.049 in 1Q 2024). Revenue: RM252.3m (up 1.1% from 1Q 2024). Net income: RM56.4m (down 22% from 1Q 2024). Profit margin: 22% (down from 29% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Declared Dividend • May 04
Dividend of RM0.08 announced Shareholders will receive a dividend of RM0.08. Ex-date: 8th May 2025 Payment date: 16th May 2025 Dividend yield will be 14%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (103% earnings payout ratio) nor is it covered by cash flows (157% cash payout ratio). The dividend has increased by an average of 30% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 15% to bring the payout ratio under control. EPS is expected to grow by 21% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Apr 06
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: RM0.19 (up from RM0.15 in FY 2023). Revenue: RM1.07b (up 17% from FY 2023). Net income: RM286.9m (up 30% from FY 2023). Profit margin: 27% (up from 24% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.5%. Earnings per share (EPS) also missed analyst estimates by 4.2%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Apr 04
Riverstone Holdings Limited, Annual General Meeting, Apr 21, 2025 Riverstone Holdings Limited, Annual General Meeting, Apr 21, 2025, at 14:00 Singapore Standard Time. Location: raffles city convention centre, atrium ballroom, level 4, 2 stamford road, singapore 178882, Singapore Declared Dividend • Mar 12
Dividend of RM0.04 announced Shareholders will receive a dividend of RM0.04. Ex-date: 14th March 2025 Payment date: 4th April 2025 Dividend yield will be 10%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (103% earnings payout ratio) nor is it covered by cash flows (157% cash payout ratio). The dividend has increased by an average of 30% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 15% to bring the payout ratio under control. EPS is expected to grow by 21% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 22
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: RM0.19 (up from RM0.15 in FY 2023). Revenue: RM1.07b (up 17% from FY 2023). Net income: RM286.9m (up 30% from FY 2023). Profit margin: 27% (up from 24% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.5%. Earnings per share (EPS) also missed analyst estimates by 4.2%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to S$1.05, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Medical Equipment industry in Asia. Total returns to shareholders of 133% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at S$2.05 per share. Declared Dividend • Nov 18
Dividend of RM0.04 announced Shareholders will receive a dividend of RM0.04. Ex-date: 22nd November 2024 Payment date: 6th December 2024 Dividend yield will be 9.8%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (102% earnings payout ratio) nor is it covered by cash flows (124% cash payout ratio). The dividend has increased by an average of 29% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 13% to bring the payout ratio under control. EPS is expected to grow by 21% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Price Target Changed • Nov 13
Price target increased by 7.3% to S$1.11 Up from S$1.03, the current price target is an average from 4 analysts. New target price is 18% above last closing price of S$0.94. Stock is up 48% over the past year. The company is forecast to post earnings per share of RM0.20 for next year compared to RM0.15 last year. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: RM0.049 (vs RM0.04 in 3Q 2023) Third quarter 2024 results: EPS: RM0.049 (up from RM0.04 in 3Q 2023). Revenue: RM298.4m (up 34% from 3Q 2023). Net income: RM72.2m (up 22% from 3Q 2023). Profit margin: 24% (down from 27% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Sep 09
Upcoming dividend of RM0.04 per share Eligible shareholders must have bought the stock before 16 September 2024. Payment date: 04 October 2024. Payout ratio is on the higher end at 90%, and the cash payout ratio is above 100%. Trailing yield: 7.4%. Within top quartile of Singaporean dividend payers (6.1%). Higher than average of industry peers (1.6%). Declared Dividend • Aug 26
Dividend of RM0.04 announced Shareholders will receive a dividend of RM0.04. Ex-date: 16th September 2024 Payment date: 4th October 2024 Dividend yield will be 11%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not adequately covered by earnings (90.1% earnings payout ratio) nor is it covered by cash flows (130% cash payout ratio). The dividend has increased by an average of 29% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share is expected to grow by 27% over the next 3 years, which should maintain adequate earnings cover for the dividend. Announcement • Aug 23
Riverstone Holdings Limited Proposes Interim Tax-Exempt (One-Tier) Dividend for the Financial Year Ending 31 December 2024, Payable on 4 October 2024 Riverstone Holdings Limited announced that the share transfer books and register of members of the company will be closed on 17 September 2024 (the record date) for the preparation of dividend warrants for the interim tax-exempt (one-tier) dividend of 4.00 sen per ordinary share for the financial year ending 31 December 2024 (the proposed interim dividend). Payment of the proposed interim dividend will be made on 4 October 2024. Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: RM0.049 (vs RM0.032 in 2Q 2023) Second quarter 2024 results: EPS: RM0.049 (up from RM0.032 in 2Q 2023). Revenue: RM246.9m (up 10% from 2Q 2023). Net income: RM72.5m (up 55% from 2Q 2023). Profit margin: 29% (up from 21% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Announcement • May 18
Riverstone Holdings Limited Proposes Interim Tax-Exempt (One-Tier) Dividend for the Financial Year Ending 31 December 2024, Payable on 7 June 2024 NOTICE IS HEREBY GIVEN that the Share Transfer Books and Register of Members of Riverstone Holdings Limited (the "Company") will be closed from 5.00 p.m. on 27 May 2024 (the "Record Date") for the preparation of dividend warrants for the interim tax-exempt (one-tier) dividend of 4.00 sen (RM) per ordinary share for the financial year ending 31 December 2024 (the "Proposed Interim Dividend"). Duly completed registrable transfers received by the Company's Share Registrar, Boardroom Corporate & Advisory Services Pte. Ltd. of 1 Harbourfront Avenue, #14-07 Keppel Bay Tower, Singapore 098632 up to 5.00 p.m. on the Record Date will be registered to determine members' entitlements to the Proposed Interim Dividend. Members whose securities accounts with The Central Depository (Pte) Limited are credited with shares as at 5.00 p.m. on the Record Date will be entitled to the Proposed Interim Dividend. Payment of the Proposed Interim Dividend will be made on 7 June 2024. Price Target Changed • May 12
Price target increased by 15% to S$0.95 Up from S$0.83, the current price target is an average from 4 analysts. New target price is 6.5% above last closing price of S$0.89. Stock is up 51% over the past year. The company is forecast to post earnings per share of RM0.19 for next year compared to RM0.15 last year. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: RM0.049 (vs RM0.032 in 1Q 2023) First quarter 2024 results: EPS: RM0.049 (up from RM0.032 in 1Q 2023). Revenue: RM249.5m (up 4.8% from 1Q 2023). Net income: RM72.2m (up 55% from 1Q 2023). Profit margin: 29% (up from 20% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Announcement • May 10
Riverstone Holdings Limited Recommends One-Tier Tax Exempt Interim Dividend for the First Quarter Period Ended 31 March 2024 Riverstone Holdings Limited recommended an a one-tier tax exempt interim dividend of 4.0 sen per ordinary share (2023: NIL) in respect of the first quarter period ended 31 March 2024. Upcoming Dividend • Apr 23
Upcoming dividend of RM0.075 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 17 May 2024. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 5.3%. Lower than top quartile of Singaporean dividend payers (6.3%). Higher than average of industry peers (1.8%). Declared Dividend • Apr 08
Dividend of RM0.075 announced Shareholders will receive a dividend of RM0.075. Ex-date: 30th April 2024 Payment date: 17th May 2024 Dividend yield will be 15%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (67% earnings payout ratio) but not covered by cash flows (113% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 07
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: RM0.15 (down from RM0.21 in FY 2022). Revenue: RM914.8m (down 27% from FY 2022). Net income: RM220.4m (down 30% from FY 2022). Profit margin: 24% (in line with FY 2022). Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) exceeded analyst estimates by 1.9%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Announcement • Apr 06
Riverstone Holdings Limited, Annual General Meeting, Apr 22, 2024 Riverstone Holdings Limited, Annual General Meeting, Apr 22, 2024, at 14:00 Singapore Standard Time. Location: Raffles City Convention Centre, Bras Basah Room Level 4, 2 Stamford Road Singapore Singapore Agenda: To receive and adopt the Audited Financial Statements of the Company for the financial year ended 31 December 2023 together with the Directors' Statement and the Auditors' Report thereon; to re-elect Mr. Lee Wai Keong who is retiring by rotation pursuant to Regulation 93 of the Constitution of the Company; to re-elect Mr. Raymond Fam Chye Soon who is retiring by rotation pursuant to Regulation 93 of the Constitution of the Company; and to transact any other ordinary business which may properly be transacted at an Annual General Meeting. Price Target Changed • Mar 21
Price target increased by 7.0% to S$0.83 Up from S$0.77, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of S$0.81. Stock is up 37% over the past year. The company is forecast to post earnings per share of RM0.18 for next year compared to RM0.15 last year. Declared Dividend • Mar 10
Fourth quarter dividend of RM0.13 announced Shareholders will receive a dividend of RM0.13. Ex-date: 15th March 2024 Payment date: 5th April 2024 Dividend yield will be 26%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (118% earnings payout ratio) nor is it covered by cash flows (169% cash payout ratio). The dividend has increased by an average of 31% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 31% to bring the payout ratio under control. EPS is expected to grow by 35% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Mar 04
Full year 2023 earnings: EPS in line with expectations, revenues disappoint Full year 2023 results: EPS: RM0.15 (down from RM0.21 in FY 2022). Revenue: RM914.8m (down 27% from FY 2022). Net income: RM220.4m (down 30% from FY 2022). Profit margin: 24% (in line with FY 2022). Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 29
Now 23% undervalued Over the last 90 days, the stock has risen 8.0% to S$0.68. The fair value is estimated to be S$0.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 27% over the last 3 years. Earnings per share has declined by 65%. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 49% in the next 2 years. Price Target Changed • Jan 20
Price target increased by 21% to S$0.75 Up from S$0.62, the current price target is an average from 2 analysts. New target price is 15% above last closing price of S$0.65. Stock is up 3.2% over the past year. The company is forecast to post earnings per share of RM0.15 for next year compared to RM0.21 last year. Announcement • Nov 17
Riverstone Holdings Limited Proposes Interim Tax-Exempt (One-Tier) Dividend for the Financial Year Ending 31 December 2023, Payable on December 8, 2023 Riverstone Holdings Limited proposed interim tax-exempt (one-tier) dividend of 5.00 sen per ordinary share for the financial year ending 31 December 2023. Duly completed registrable transfers received by the Company's Share Registrar, Boardroom Corporate & Advisory Services Pte. Ltd. of 1 Harbourfront Avenue, #14-07 Keppel Bay Tower, Singapore 098632 on 23 November 2023 (the "Record Date") will be registered to determine members' entitlements to the Proposed Interim Dividend. Payment of the Proposed Interim Dividend will be made on 8 December 2023. Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: RM0.04 (vs RM0.043 in 3Q 2022) Third quarter 2023 results: EPS: RM0.04 (down from RM0.043 in 3Q 2022). Revenue: RM222.8m (down 18% from 3Q 2022). Net income: RM59.3m (down 6.6% from 3Q 2022). Profit margin: 27% (up from 24% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 33 percentage points per year, which is a significant difference in performance. Announcement • Nov 04
Riverstone Holdings Limited Declares One-Tier Tax Exempt Interim Dividend for Nine Months Period Ended 30 September 2023 Riverstone Holdings Limited declare a one-tier tax exempt interim dividend of 5.00 sen per ordinary share in respect of the nine months period ended 30 September 2023. Upcoming Dividend • Sep 13
Upcoming dividend of RM0.05 per share at 16% yield Eligible shareholders must have bought the stock before 20 September 2023. Payment date: 06 October 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 16%. Within top quartile of Singaporean dividend payers (6.4%). Higher than average of industry peers (1.5%). Major Estimate Revision • Aug 14
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from RM994.3m to RM1.05b. EPS estimate increased from RM0.122 to RM0.142 per share. Net income forecast to grow 13% next year vs 28% growth forecast for Medical Equipment industry in Singapore. Consensus price target down from S$0.63 to S$0.61. Share price was steady at S$0.64 over the past week. Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: RM0.032 (vs RM0.068 in 2Q 2022) Second quarter 2023 results: EPS: RM0.032 (down from RM0.068 in 2Q 2022). Revenue: RM224.2m (down 36% from 2Q 2022). Net income: RM46.9m (down 53% from 2Q 2022). Profit margin: 21% (down from 28% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. New Risk • Jul 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 153% Cash payout ratio: 202% Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (23% net profit margin). Board Change • Jun 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. 2 highly experienced directors. Co-Founder, COO & Executive Director Wai Keong Lee is the most experienced director on the board, commencing their role in 2005. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: RM0.032 (vs RM0.073 in 1Q 2022) First quarter 2023 results: EPS: RM0.032 (down from RM0.073 in 1Q 2022). Revenue: RM238.0m (down 41% from 1Q 2022). Net income: RM46.7m (down 57% from 1Q 2022). Profit margin: 20% (down from 27% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 25
Upcoming dividend of RM0.10 per share at 17% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 19 May 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 17%. Within top quartile of Singaporean dividend payers (6.3%). Higher than average of industry peers (1.5%). Reported Earnings • Apr 07
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: RM0.21 (down from RM0.96 in FY 2021). Revenue: RM1.26b (down 59% from FY 2021). Net income: RM314.4m (down 78% from FY 2021). Profit margin: 25% (down from 46% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 3.4%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: RM0.21 (vs RM0.96 in FY 2021) Full year 2022 results: EPS: RM0.21 (down from RM0.96 in FY 2021). Revenue: RM1.26b (down 59% from FY 2021). Net income: RM314.4m (down 78% from FY 2021). Profit margin: 25% (down from 46% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 7% per year. Announcement • Feb 11
Riverstone Holdings Appoints Francisco Salas as Managing Director Riverstone Holdings has announced the appointment of Francisco Salas as a Managing Director on February 13th. Mr. Salas has over twenty-five years of experience in the financial industry, and was part of leading corporate and investment banking firms in New York and Latin America. During the last several years he served as partner, portfolio manager and head of business development for Altum Capital where he helped position Altum as a leading alternative asset manager in Mexico. Mr. Salas will be based in Mexico City and will further enhance Riverstone's presence in the region. He will focus on managing existing investments and identifying highly compelling opportunities within decarbonization and other core sectors, as well as capital raising throughout Latin America. Mr. Salas joins an expanding team of Riverstone professionals with deep expertise in the decarbonization space. This includes the recent additions of Juan Pablo Visoso, Cynthia Kueppers and Laurel Buckner. Bio of Francisco Salas Prior to joining Riverstone, Mr. Salas was most recently a Partner at Altum Capital, a private debt asset management firm based in Mexico City, where he oversaw portfolio management and business development. Prior to Altum Capital, Mr. Salas served as Managing Director of Itaú's Corporate and Investment Banking practice in Mexico; Head of the Consumer, Retail and Financial Institutions sectors in Latin America at Citibank; Managing Director of Consumer, Retail and of Mergers & Acquisitions for Latin America at UBS. Mr. Salas has a degree in Business Administration and a Master's Degree in Finance from the Anahuac University. Major Estimate Revision • Dec 09
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from RM1.40b to RM1.27b. EPS estimate also fell from RM0.24 per share to RM0.20 per share. Net income forecast to shrink 17% next year vs 28% growth forecast for Medical Equipment industry in Singapore . Consensus price target of S$0.69 unchanged from last update. Share price was steady at S$0.63 over the past week. Buying Opportunity • Dec 06
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be S$0.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 37%. Revenue is forecast to grow by 7.9% in 2 years. Earnings is forecast to decline by 10.0% in the next 2 years. Announcement • Nov 24
Riverstone Holdings Limited Proposes Second Interim Tax Exempt (One-Tier) Dividend for Financial Year Ending 31 December 2022, Payable on 2 December 2022 Riverstone Holdings Limited announced that the share transfer books and register of members of the company will be closed on 23 November 2022 for the preparation of dividend warrants for the second interim tax-exempt (one-tier) dividend of 6.00 sen per ordinary share for the financial year ending 31 December 2022 (Proposed Second Interim Dividend). Duly completed registrable transfers received by the company's Share Registrar, Boardroom Corporate & Advisory Services Pte. Ltd. on 22 November 2022 (Record Date) will be registered to determine members' entitlements to the Proposed Second Interim Dividend. Members whose securities accounts with The Central Depository (Pte) Limited are credited with shares at on the Record Date will be entitled to the Proposed Second Interim Dividend. Payment of the Proposed Second Interim Dividend will be made on 2 December 2022. Buying Opportunity • Nov 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be S$0.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 37%. Revenue is forecast to grow by 7.9% in 2 years. Earnings is forecast to decline by 10.0% in the next 2 years. Price Target Changed • Nov 16
Price target decreased to S$0.69 Down from S$0.76, the current price target is an average from 4 analysts. New target price is 8.2% above last closing price of S$0.64. Stock is down 18% over the past year. The company is forecast to post earnings per share of RM0.25 for next year compared to RM0.96 last year. Announcement • Nov 15
Riverstone Holdings Limited Proposes Second Interim Tax-Exempt (One-Tier) Dividend for the Financial Year Ending 31 December 2022 Riverstone Holdings Limited proposed second interim tax-exempt (one-tier) dividend of 6.00 sen (MYR) per ordinary share for the financial year ending 31 December 2022. Price Target Changed • Nov 11
Price target decreased to S$0.69 Down from S$0.76, the current price target is an average from 4 analysts. New target price is 5.7% above last closing price of S$0.66. Stock is down 17% over the past year. The company is forecast to post earnings per share of RM0.25 for next year compared to RM0.96 last year. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: RM0.043 (vs RM0.18 in 3Q 2021) Third quarter 2022 results: EPS: RM0.043 (down from RM0.18 in 3Q 2021). Revenue: RM270.0m (down 59% from 3Q 2021). Net income: RM63.5m (down 76% from 3Q 2021). Profit margin: 24% (down from 41% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Medical Equipment industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Oct 26
Riverstone Holdings Limited to Report Q3, 2022 Results on Nov 14, 2022 Riverstone Holdings Limited announced that they will report Q3, 2022 results on Nov 14, 2022 Upcoming Dividend • Sep 14
Upcoming dividend of RM0.10 per share Eligible shareholders must have bought the stock before 21 September 2022. Payment date: 07 October 2022. Payout ratio and cash payout ratio are on the higher end at 96% and 95% respectively. Trailing yield: 22%. Within top quartile of Singaporean dividend payers (6.1%). Higher than average of industry peers (1.8%). Announcement • Aug 31
Riverstone Holdings Limited (SGX:AP4) agreed to acquire Endurance at Lloyd’s run-off business from Sompo International Holdings Ltd. Riverstone Holdings Limited (SGX:AP4) agreed to acquire Endurance at Lloyd’s run-off business from Sompo International Holdings Ltd.on August 30, 2022. Major Estimate Revision • Aug 18
Consensus revenue estimates fall by 11% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from RM1.63b to RM1.46b. EPS estimate fell from RM0.24 to RM0.23 per share. Net income forecast to shrink 43% next year vs 27% growth forecast for Medical Equipment industry in Singapore . Consensus price target down from S$0.86 to S$0.76. Share price fell 12% to S$0.70 over the past week. Buying Opportunity • Aug 15
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 6.6%. The fair value is estimated to be S$0.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has grown by 57%. Revenue is forecast to decline by 12% in 2 years. Earnings is forecast to decline by 44% in the next 2 years. Price Target Changed • Aug 14
Price target decreased to S$0.78 Down from S$0.86, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of S$0.76. Stock is down 39% over the past year. The company is forecast to post earnings per share of RM0.24 for next year compared to RM0.96 last year. Reported Earnings • Aug 13
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: RM352.0m (down 64% from 2Q 2021). Net income: RM100.2m (down 81% from 2Q 2021). Profit margin: 28% (down from 53% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is expected to shrink by 14% compared to a 68% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 26
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 9.4%. The fair value is estimated to be S$0.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 52% over the last 3 years. Earnings per share has grown by 101%. For the next 3 years, revenue is forecast to decline by 19% per annum. Earnings is also forecast to decline by 54% per annum over the same time period. Buying Opportunity • May 06
Now 21% undervalued Over the last 90 days, the stock is up 2.0%. The fair value is estimated to be S$0.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 52% over the last 3 years. Earnings per share has grown by 101%. For the next 3 years, revenue is forecast to decline by 20% per annum. Earnings is also forecast to decline by 55% per annum over the same time period. Upcoming Dividend • Apr 27
Upcoming dividend of RM0.28 per share Eligible shareholders must have bought the stock before 04 May 2022. Payment date: 19 May 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 15%. Within top quartile of Singaporean dividend payers (5.8%). Higher than average of industry peers (1.8%). Announcement • Apr 26
Riverstone Holdings Limited Approves Payment of Proposed Final Tax Exempt (One-Tier) Dividend for the Financial Year Ended 31 December 2021 Riverstone Holdings Limited at its Annual general meeting held on April 25, 2022 payment of proposed final tax exempt (one-tier) dividend of 28.00 sen per ordinary share for the financial year ended 31 December 2021. Reported Earnings • Apr 04
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: RM0.96 (up from RM0.44 in FY 2020). Revenue: RM3.08b (up 69% from FY 2020). Net income: RM1.42b (up 119% from FY 2020). Profit margin: 46% (up from 35% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 1.8%. Over the next year, revenue is expected to shrink by 48% compared to a 54% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Apr 03
Riverstone Holdings Limited Proposes Final Tax Exempt (One-Tier) Dividend for the Financial Year Ended 31 December 2021, Payable on 19 May 2022 Riverstone Holdings Limited proposed final tax exempt (one-tier) dividend of MYR 28.00 sen per ordinary share for the financial year ended 31 December 2021, to its AGM to be held on April 25, 2022. Subject to members' approval to the proposed final dividend at the Annual General Meeting, the Share Transfer Books and Register of Members of the Company will be closed on 6 May 2022 for the preparation of dividend warrants for the proposed final tax exempt (one-tier) of 28.00 sen per ordinary share for the financial year ended 31 December 2021 (the "Proposed Final Dividend"). Payment of the Proposed Final Dividend, if approved by the members at the Annual General Meeting, will be made on 19 May 2022.