- In line with the preliminary results announced at its 2023 AGM, STK released weak Q1 2023 results with revenue falling 55% YoY and NPAT-MI slumping 98% YoY, achieving 13% and 1% of our respective full-year forecasts. 

- Because these weak results are within our expectation, we see no potential changes to our forecasts, pending a fuller review.

- The destocking of built-up inventory of customers across the value chain continued to exacerbate the impact of weak textile demand and apparel sales. This bullwhip effect is especially prominent in the case of STK — an upstream material producer. 

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