[ET Net News Agency, 23 September 2019] Citi Research has recently visited Crystal
International's (02232) factory in Dongguan which has exposure to the last batch of
US$300bn sanction list.
The research house said Crystal is an apparel OEM which has lost the US orders given the
slower expansion of capacity in Vietnam to avert the 15% tariff.
Citi said Crystal has 9% of revenue under the US$300bn list - which is imposed tariff at
15% recently without deferral to mid-December. In view of longer-than-expected time taken
to ramp up capacity in Vietnam, Crystal posted missing 1H results as customers have moved
the procurement into ASEAN. It can be sorted out from next year. (KL)