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QNS [BUY +25.3%] - Earnings growth to come back; attractive valuations - Update

We upgrade our rating to BUY with TP raised by 15% partly thanks to a higher soymilk valuation. QNS is undervalued at 2018F PER of 11x with branded soymilk contributing more than 80% to NPAT and FCF yield of >12% starting 2019 after disbursements for sugar and biomass are done.