Textile & Garment: Transform to survive – Update
- The garment export value in FY20 plunged 10.25% yoy to US$35bn, recording the first annual negative growth in 10 years.
- We estimate textile and garment (T&G) export value to fully recover in 2022 and achieve a CAGR of 13.6% over FY21-25F.
- Our top pick is STK while MSH and TCM are in watchlist.
Please follow this link for the full report
You Might Be Interested
Sector note
53
Banks still recorded robust profitability in 1Q22 given strong credit growth, robust fee incomes and well-controlled credit cost. We believe the recent market sharp correction has brought banking sector back to buy territory with intact outlook over FY22-23F. Top pick…
Sector note
52
Feed costs have been accelerating following the Russia–Ukraine conflict, weighing on local meat producers. In 1Q22, live hog price improved 18.6% qoq but decreased by 30.7% yoy. We maintain our Neutral rating on the sector. Meat producers struggled in 1Q22…
Sector note
42
There are some signals that Block B field development project to be awarded FID (Final Investment Decision) in July 2022, setting a premise for this project chain to kick-off. Block B – O Mon chain will be a great growth…