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STK – Update – 20180723

Company Note 23/07/2018    136

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  • 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

VND16,000

VND27,600

4.8%

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