STK – Resilient 1Q results, robust 2019 outlook – Update

• Flattish revenue growth but improving product mix.
• Srong 1Q19 bottom line growth thanks to lower operating expense.
• We raise our FY19F net profit by 5.2% regarding improving gross margin.
• Ambitious expansion plan to make STK the largest synthetic fiber manufacturer in Vietnam from FY22F.
• We reiterate ADD rating with higher target price.

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