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STK – Update – 20181015

Company Note 15/10/2018    135

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  • For 9M2018, STK enjoyed a healthy 19% rise in ASP from the beginning of the year due to the recovery of global yarn prices along with the shift towards high-end recycled yarn.
  • We raise our FY18 forecasted EAT by 22.0% to reach VND166bn (+65.8% yoy)
  • We raise our target price by 4.7% to VND28,800/ share, with a lower target P/E of 11.5x due to rising risk aversion on the back of trade tensions and higher US bond yields more than compensated for by a revised EPS of VND2,495 (+22.0% vs previous forecast)

Market Price

Target Price

Dividend Yield

Rating

Sector

VND18,600

VND28,600

4.3%

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