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STK [O-PF 14.0%] - Riding on the coattails of the free trade bonanza - Initiation

We initiate on STK with a target price of VND38,200 (TSR 14.0%). 42m shares of STK debuted on HOSE on 30th September 2015 at a listing price of VND29,000. The stock has already gained 15.5% in the first 2 days of trading.