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QNS – A mixed showing with favorable top line but weak bottom line – Earnings Update

Company Note 06/05/2019    151

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  • 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.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND42,000

VND53,200

1.2%

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CONSUMER GOODS

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