STK [M-PF +1.2%] – Short-term turbulence hits results – Update

Company Research

03 Nov 2015

We downgrade STK to MARKET PERFORM with a revised TP of VND 33,900 (vs. previous TP of VND 34,700 after adjusting for 10% share bonus issuance) due to weak 3Q results and the 26.9% rally in price since listing on 30th Nov. Delayed orders from garment makers and increasing competition from Chinese exporters who gained competitiveness due to the Yuan devaluation created pressure on both volume and prices;
Tags: STK

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