Review of Richards Packaging Income Fund

SEP 11, 2025 - Near-term headwinds include tariff-driven weakness in US food & beverage packaging demand, higher lease and administrative costs, and integration challenges following four acquisitions in the past 12 months. However, the launch of e-commerce channels in food & beverage and cosmetics, alongside healthcare recovery as Parata headwinds roll off, are expected to support stronger growth in the second half of 2025. Although its share price has been stagnant for a few years now, we believe its valuation could be considered cheap if its growth resumes, and we feel this could be led by a resumption of growth in its healthcare segment. We are maintaining our rating at a ‘B’.