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STK – Resilient 1Q results, robust 2019 outlook – Update

Company Note 08/05/2019    278

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  • Flattish revenue growth but improving product mix.
  • Srong 1Q19 bottom line growth thanks to lower operating expense.
  • We raise our FY19F net profit by 5.2% regarding improving gross margin.
  • Ambitious expansion plan to make STK the largest synthetic fiber manufacturer in Vietnam from FY22F.
  • We reiterate ADD rating with higher target price.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND22,100

VND25,200

6.8%

ADD

TEXTILES

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