STK – Update – 20180723
- In 1H2018, STK benefitted from a 20% rise in ASP along due to a shift in product mix toward high value-added products such as recycled yarn, fuelling a gross margin expansion of 290 bps.
- We raise our FY2018 forecasted revenue by 0.5% to VND2,377bn (+19.5% YoY) and our EAT by 3.8% to VND136bn (+36.0% YoY).
- We raise our target price by 3.8% to VND27,600/ share based on an unchanged target P/E of 13.5x (the average TTM P/E of regional peers) and our revised 2018 EPS forecast.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
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VND16,000
|
VND27,600
|
4.8%
|
ADD
|
TEXTILES
|
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