Riverstone price target raised 20% to $1.78 by Maybank Kim Eng

Stock Name: Riverstone
Company Name: RIVERSTONE HOLDINGS LIMITED

Research House: Maybank Kim Eng

Price Call: BUY

Target Price: 1.78

SINGAPORE (May 5): Maybank Kim Eng has raised its price target for Riverstone Holdings from $1.48 to $1.78, based on 18 times projected 2015 earnings, after increasing its 2015 to 2017 earnings per share estimates by 21% to 23% to factor in higher selling prices and gross margins.

The changes take into account the rubber glove maker's 1Q2015 results.

Earnings for the quarter rose to RM27 million ($10 million) from RM16 million a year earlier, aided by stronger revenue, lower raw material costs and a better product mix.