Riverstone Holdings

Voyage Research, May 8

RIVERSTONE Holdings (Riverstone) recorded another set of healthy results on the back of impressive gross margin and effective cost control. We revised the FY14 revenue downwards in view of the lower production due to the water rationing and lower selling prices due to weaker raw material prices.

We also lowered our market risk premium slightly in view of the management's moves to increase sales. Maintain "invest" with an intrinsic value of S$0.925.

INVEST