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

Company Note 28/10/2019    206

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  • 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.

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VND19,150

VND25,200

7.8%

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