$Riverstone (AP4.SG)$ UOB KH maintain BUY with an unchanged ...

UOB KH maintain BUY with an unchanged target price of S$1.16.

Riverstone's 3Q24 net profit (flat qoq, +22% yoy) was in line. Higher ASPs and sales volumes were recorded for both cleanroom and healthcare gloves, leading to a 21% qoq top-line growth.

4Q24 volume outlook is healthy, in anticipation of further demand recovery in the electronics sector and greater demand from the US due to the upcoming trade tariffs on China-made gloves. New capacities are expected to contribute from 1Q25.