STK – Product mix improvement partially comforted the trade war pain – Update

• Subdued 9M19 topline due to prolonged trade war pain. 9M19 results came in below our forecast.
• 9M19 gross profit margin improved on the back of changing product mix. STK is now running at 94% of its 63,000-ton-per-year capacity.
• According to Management, the yarn price probably continues its downtrend towards year-end.

Please follow this link for the full report