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ST8 - Stability and growth – ST8 enjoys the best of both worlds - Small Cap Research

USD17mn market cap company ST8 has historically been in the business of distributing RICOH photocopy machines. In 2006 and 2012, ST8 won two dealerships of Honda and Chevrolet automobiles respectively. Booming automobile sales growth of 57% in 2014 boosted FY14 top-line by 40% to VND1142bn and NPAT by 11% to VND55bn. With a healthy 19% PAT margin, the photocopy machines distribution and leasing business continues to provide a strong foundation and stable core despite limited growth.