Riverstone Holdings' CEO Wong Teek Son (photo) has been buying his company's shares in the open market in the past week or so, as follows:
|
Date |
No. of shares bought /price |
Value |
Total stake |
|
14-Dec-2021 |
300,000 / $0.66 |
S$198,500 |
759,111,120 (51.2%) |
|
13-Dec-2021 |
300,00 / $0.64 |
S$192,400 |
|
|
10-Dec-2021 |
300,000 / $0.61 |
S$182,000 |
|
|
Source: Company announcements |
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What CEO Wong Teek Son could be appreciating would include:
 Riverstone has a market cap of S$992 million. Its cash holding as at Sept 2021 was approximately S$582 million. Chart: Yahoo!• The Singapore-listed stock has corrected from around $2.00 in Aug 2020 to below 70 cents in recent weeks. Reason: the selling prices of its healthcare gloves have fallen from heights achieved on pandemic-fuelled buying by its customers. • Interestingly, the upcoming dividend payout is likely to be outsized based on the outsized profit reported in the first 9 months of the year. |
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DBS Research report says: |
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Riverstone |
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Share price: |
Target: |
Riverstone, which operates out of Malaysia, paid an interim dividend of 10 sen per share in October 2021.
Buoyed by strong profitability (net profit of RM1,307.1m in the first 9 months of this year), Riverstone's cash and cash equivalents surged 170% to RM1.8 billion as at 30 September 2021, from RM648.9m as at end of 2020.
DBS Research's target price for the stock is $1.20.