Riverstone

Riverstone: Solid co. to tide through headwinds - RHB
-Additional 1b gloves from expansion (3Q16) expected to be fully taken up, but at lower ASP
-Higher orders expected from existing and new cust, as product quality and cleanroom niche cushion competition pressure
-USD/MYR rate trending upwards
-RHB conservatively trimmed ASP by 10% and USD/MYR rate to 4.08 (from 4.20)
-FY16-17 earnings forecast lowered by 7.5% & 7.4%
-Maintain Buy with lower TP of $1.02 (prior: $1.18) on outperformance against peers