Riverstone Holdings Limited

The team has also upped its target price estimate to 93 cents, implying 18 times FY2024 P/E.

The group has declared a final dividend of 10 sen per share and a one-tier special interim dividend of 8 sen per share.

CGS-CIMB has also lowered its target price to 80 cents in line with its earnings per share cuts.

“This normalisation trend was evident since 4QFY2021 and is similar in 1QFY2022,” says the group in its May 10 statement.

The analysts estimate that the STI will be trading between support at 3,200 to 3,250 points with near-term resistance at 3,408.

The brokerage has lowered the company’s TP to $1.28 to reflect a more ‘normalised environment’.

Brokers' stock picks this week: ComfortDelGro, OCBC and Riverstone Holdings.

Against the backdrop of the Covid-19 pandemic, cleanroom product manufacturer Riverstone Holdings is seeing “outperformance” that is expected to continue into the next quarter.

SINGAPORE (May 5): Lim & Tan Securities is upgrading its call on Riverstone Holdings from “hold” to “buy” while upping its 2017 and 2018 net profit forecasts for RM140 million ($45.3 million) and RM 150 million respectively, from RM120 million and