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QNS – 1H19: Sweet soymilk – bitter sugar – Earnings Update

Company Note 31/07/2019    138

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  • Low sugar production spoiled soymilk’s glory in 1H19. Soymilk gross margin continue to advance.
  • Sugar gross profit shrank amid lower commercial cane sugar (CCS) and price drop. Sugar production decreased and disbursement of refined sugar (RE) project slowed.
  • Higher administration costs and CIT rate offset better blended gross margin.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND31,400

VND44,300

1.6%

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CONSUMER GOODS

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