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QNS – Update – 20180830

Company Note 30/03/2018    334

Share

QNS booked 1H18 revenue of VND3,973bn and net profit of VND562bn. Results were disappointing due to weak revenue growth despite a massive increase in sugar sales volume. We downgrade our QNS outlook to Neutral due to intensifying competition in the
soymilk segment and a negative market outlook for sugar prices in 2H18. We reduce our TP to VND44,600. Downgrade to HOLD.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND39,300

VND44,600

4.47%

HOLD

CONSUMER GOODS

 

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