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- We raise our target price (TP) for STK by 15% to 38,100VND/share and upgrade our rating from MARKET PERFORM to BUY.
- Our higher TP is due to 1) a 5% increase in our aggregate NPAT-MI forecast for 2024-26F with respective changes of -28%/15%/14% in 2024F/25F/26F, 2) rolling our TP horizon forward from end-2024 to mid-2025 and 3) increasing our target P/E multiple from 14.0x to 16.0x.
- For 2024F, we anticipate a lower sales volume as estimated H1 2024 volume trailed our expectation, partly offset by a higher price gap (product vs input PET chip prices). We remain optimistic about a significant sales volume recovery in H2 2024 as (1) STK’s Q2 2024 orders have shown clear signs of recovery, (2) new capacity from Unitex will launch in Q3, earlier than expected, and (3) STK’s price gap is widening ahead of our previous expectation.
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