QNS – Update – 20180420

• 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.

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