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QNS – Update – 20180420

Company Note 20/04/2019    120

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  • QNS reported its 2017 business results recently. The highlights were: 1) modest growth in soymilk sales and 2) margincontraction on sugar sales. We lower our target price by 13.7% to reflect the heavy impact of the fall in the sugar price on QNS’s sugar segment performance. We, however, maintain our ADD rating as the stock is trading at a deep discount to the market.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND51,400

VND65,600

9.61%

ADD

CONSUMER GOODS

 

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