We attended STK’s online analyst meeting that covered its 2020 business results, outlook for 2021 and medium-term expansion plan. Overall, the meeting reinforces our view of a strong business recovery in 2021 and the positive prospects of STK's recycled yarn segment. STK’s short-term business outlook remains positive, which is driven by an apparel demand recovery and a sales mix shift toward high-margin recycled yarn. The company maintains its 2021 revenue/NPAT targets that imply 34%48% YoY