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Textile & Garment: Transform to survive – Update

Sector note 26/02/2021    500


  • 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.

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