QNS - Management openness a welcome sign - AGM Note
we attended QNS’s AGM last Saturday. This year, management openly answered an array of questions from investors, which is unusual but a welcome sign. For 2018, QNS once again sets a low NPAT target of only VND194bn (USD8.5mn) vs 2017A NPAT of VND1.03tn (USD45.2mn). QNS has a history of setting ultra-conservative guidance. Our forecast calls for 10% growth in NPAT in 2018 vs 2017 driven by soymilk, a new contribution from the biomass power plant and lower input costs in the sugar segment.