QNS – A mixed showing with favorable top line but weak bottom line – Earnings Update
- 1Q19 top-line performance exceeded our expectations.
- Lower input price boosted soymilk gross margin.
- However sugar business was hurt by gross margin compression.
- SG&A expense spike and blended gross margin compression dampened earnings.
- So far the refined extra (RE) sugar factory construction costs 26% of planned budget.
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Market Price
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Target Price
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Dividend Yield
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Rating
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Sector
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VND42,000
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VND53,200
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1.2%
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ADD
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CONSUMER GOODS
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