Weekly | Riverstone's Growth, Dividends, and Expansion Plans Revealed

As of the close on Friday, $Straits Times Index(STI.SI)$ closed at 3,112.34 points, up 0.05% points last week.

During the last 5 trading days, $Riverstone(AP4.SI)$, $CapLand India T(CY6U.SI)$, $Top Glove(BVA.SI)$, $Cromwell Reit SGD(CWCU.SI)$ and $CityDev(C09.SI)$ are the top 5 weekly gainers, up 11.38%, 8.41%, 8.33%, 7.89%, and 7.47% respectively.

$HPH Trust USD(NS8U.SI)$, $HPH Trust SGD(P7VU.SI)$, $Wilmar Intl(F34.SI)$, $Keppel DC Reit(AJBU.SI)$ and $Bumitama Agri(P8Z.SI)$ are top 5 decliners of SGX stocks which market capital above S$1 Bln.

Below are key analyses of the TOP 5 gainers:

1. $Riverstone(AP4.SI)$

• The company reported a net profit of S$59.27 million for the third quarter of 2023, a decrease of 6.6% year-on-year, but an increase of 22.9% quarter-on-quarter. The company attributed the improved performance to higher sales volume and better product mix.

• The company declared a final dividend of S$0.06 per share for the financial year ended December 31, 2022, payable on December 15, 2023. This represents a dividend yield of 9.49% based on the closing price of S$0.66.

• The company announced that it has secured a land lease for a new manufacturing facility in Malaysia, which will increase its annual production capacity by 1.4 billion pieces of gloves by 2025. The company said that this expansion will enable it to meet the growing demand for its products in the global market.

2. $CapLand India T(CY6U.SI)$

• The trust reported a distributable income of S$31.9 million for the third quarter of 2023, an increase of 16.5% year-on-year and 7.9% quarter-on-quarter. The trust attributed the improved performance to higher rental income from its existing properties and contributions from its new acquisitions.

• The trust declared a distribution per unit of S$0.0175 for the third quarter of 2023, payable on December 15, 20233. This represents a distribution yield of 6.42% based on the closing price of S$1.09.

• The trust announced that it has secured a five-year construction loan of 13 billion rupees (S$235.9 million) to finance the development of its data center in Navi Mumbai, India. The trust said that this project will enhance its portfolio quality and diversification, as well as generate stable and long-term income.

3. $Top Glove(BVA.SI)$

• The company announced that it has completed the disposal of its entire stake in Aspion Sdn Bhd, a surgical glove producer, for a total consideration of RM1.37 billion (S$441.9 million). The company said that this transaction will enable it to focus on its core business of natural rubber and nitrile gloves, as well as to reduce its debt.

• The company also announced that it has obtained the approval from the Securities Commission Malaysia to transfer its listing from the Main Market of Bursa Malaysia to the Premium Segment of the Main Market of the London Stock Exchange. The company said that this move will enhance its visibility and access to a wider pool of investors.

4. $Cromwell Reit SGD(CWCU.SI)$

• The REIT announced a distribution per unit (DPU) of 0.024 EUR for the third quarter of 2023, which represents a 3.2% increase from the previous quarter.

• The REIT also reported a positive rental reversion of 5.7% for its portfolio in the third quarter of 2023, as well as a high occupancy rate of 94.4%.

• The REIT has a diversified portfolio of 117 properties across seven European countries, which provides exposure to different markets and sectors.

• The REIT has a low gearing ratio of 35.6%, which gives it ample debt headroom and financial flexibility.

5. $CityDev(C09.SI)$

• The company announced a dividend of 0.28 SGD per share for the financial year 2023, which represents a dividend yield of 4.47%.

• The company also reported a net profit of 33.24 million SGD for the second quarter of 2023, which is a significant improvement from the net loss of 1.92 billion SGD in the same period last year.

• The company has a strong balance sheet with a low gearing ratio of 35.6% and a high interest coverage ratio of 5.7 times.

• The company has a positive outlook for its business segments, especially its residential and hospitality sectors, which are expected to benefit from the recovery of the property market and the easing of travel restrictions.