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Riverstone Holdings
(SGX:AP4)
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Rating:74Outperform
Price Target:
S$0.81
â–²(0.25% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by strong financial quality—especially the near-zero leverage balance sheet and resilient profitability/cash generation—offset by weaker recent growth and margin compression. Technical signals are neutral to slightly soft, while valuation is supported by a high dividend yield but moderated by a mid-range P/E.
Positive Factors
Near-zero leverage
A near-zero debt burden materially reduces financial risk and interest pressure, preserving flexibility to fund operations, maintain dividends, or invest through industry cycles. This balance-sheet resilience gives Riverstone greater capacity to absorb demand changes without relying heavily on external financing.
Negative Factors
Recent revenue contraction
The latest revenue decline indicates that demand or sales momentum has weakened from the prior year, creating a less supportive base for earnings growth over the coming quarters. Sustained contraction could reduce operating leverage and limit the company’s ability to expand profit without renewed volume or mix improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Near-zero leverage
A near-zero debt burden materially reduces financial risk and interest pressure, preserving flexibility to fund operations, maintain dividends, or invest through industry cycles. This balance-sheet resilience gives Riverstone greater capacity to absorb demand changes without relying heavily on external financing.
Read all positive factors
Riverstone Holdings (AP4) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.10B
Dividend Yield7.12%
Average Volume (3M)1.74M
Price to Earnings (P/E)16.5
Beta (1Y)0.44
Revenue Growth-7.32%
EPS Growth-25.97%
CountrySG
Employees3,000
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.14
Shares Outstanding1,484,904,000
10 Day Avg. Volume1,729,600
30 Day Avg. Volume1,736,846
Financial Highlights & Ratios
PEG Ratio-0.75
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$1.11Price Target Upside36.42% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.15
Revenue Forecast (FY)S$1.03B
Riverstone Holdings Business Overview & Revenue Model
Company Description
Riverstone Holdings Limited, an investment holding company, primarily manufactures and distributes gloves for both cleanroom and healthcare applications from its base in Malaysia. Its extensive cleanroom product line encompasses finger cots, stati...
How the Company Makes Money
Riverstone makes money primarily by manufacturing and selling gloves to distributors and end customers. Its revenue is driven by (1) sales of cleanroom gloves used in contamination-controlled industrial settings (commonly tied to demand from elect...
Riverstone Holdings Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
92
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 943.47M | 958.16M | 1.07B | 914.78M | 1.26B | 3.08B |
| Gross Profit | 298.17M | 287.54M | 390.09M | 295.51M | 450.32M | 1.91B |
| EBITDA | 315.29M | 308.24M | 423.63M | 339.81M | 479.91M | 1.91B |
| Net Income | 205.37M | 200.02M | 286.93M | 220.38M | 314.40M | 1.42B |
Balance Sheet | ||||||
| Total Assets | 1.63B | 1.64B | 1.78B | 1.83B | 2.02B | 2.70B |
| Cash, Cash Equivalents and Short-Term Investments | 576.00M | 630.25M | 716.29M | 863.18M | 1.04B | 1.57B |
| Total Debt | 1.18M | 0.00 | 494.00K | 1.02M | 0.00 | 1.58M |
| Total Liabilities | 183.93M | 163.89M | 202.29M | 143.62M | 166.84M | 367.15M |
| Stockholders Equity | 1.44B | 1.48B | 1.58B | 1.68B | 1.85B | 2.33B |
Cash Flow | ||||||
| Free Cash Flow | 100.07M | 214.24M | 227.16M | 197.36M | 282.63M | 1.41B |
| Operating Cash Flow | 152.99M | 294.87M | 306.99M | 249.07M | 416.04M | 1.57B |
| Investing Cash Flow | -52.86M | -78.14M | -79.61M | -51.46M | -133.15M | -155.91M |
| Financing Cash Flow | -73.14M | -285.83M | -363.62M | -415.53M | -801.95M | -451.19M |
Riverstone Holdings Technical Analysis
Negative
0.81
Price Trends
0.77
Negative
0.80
Negative
0.78
Negative
Market Momentum
-0.01
Positive
44.49
Neutral
39.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:AP4, the sentiment is Negative. The current price of 0.81 is above the 20-day moving average (MA) of 0.75, above the 50-day MA of 0.77, and above the 200-day MA of 0.78, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 44.49 is Neutral, neither overbought nor oversold. The STOCH value of 39.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:AP4.
Riverstone Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | S$1.10B | 16.47 | 13.92% | 7.12% | -7.32% | -25.97% | |
66 Neutral | S$1.52B | 21.99 | 6.42% | 3.73% | -3.18% | 6.71% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | S$1.24B | -40.27 | -6.42% | 0.73% | 6.44% | 38.89% |
* Healthcare Sector Average
SG:AP4
Riverstone Holdings
0.74
-0.07
-8.87%
SG:BSL
Raffles Medical Group
0.81
-0.16
-16.92%
SG:A50
Thomson Medical Group Ltd.
0.05
-0.01
-20.34%
SG:1D4
Aoxin Q&M Dental Group Ltd.
0.16
0.12
387.50%
SG:505
Asiamedic Limited
0.02
>-0.01
-27.27%
SG:5WA
OUE Lippo Healthcare Limited
0.05
0.02
75.00%
Riverstone Holdings Corporate Events
Riverstone Lifts Profit and Cash Flow Despite Slight Dip in 1H FY2026 Revenue
Aug 13, 2026
Riverstone Holdings reported unaudited results for the first half of FY2026 showing revenue of RM480.9 million, down 3.2% year-on-year, but with improved profitability as gross profit rose to RM158.1 million and net profit increased to RM106.9 mil...
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.