We reiterate an OUTPERFORM rating — despite cutting our target price (TP) by 12% — as STK’s share price has fallen 11% over the last six weeks. Our TP cut is mainly due to a 10% downward revision to our aggregate 2020F-2022F NPAT-MI. The above earnings revision is primarily driven by our sales volume projections as Q2 2020’s recycled yarn sales trailed our expectation, partly offset by virgin yarn’s outperformance vs our projection. Having said that, we maintain our expectation that