Growth of Riverstone on track despite repatriation rule

SINGAPORE (Dec 8): Maybank Kim Eng is maintaining its “hold” call on Riverstone Holdings with a target price of 92 cents, saying the recent correction to its stock price has been overdone.

Shares of Riverstone as well as other Malaysian glovemakers have slid about 3% this week after Malaysia announced measures requiring exporters to repatriate 75% of their foreign currency proceeds.

“We believe the selling is overdone as the move has a limited impact on Riverstone’s earnings,” says analyst John Cheong in a Thursday report.

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