QNS [NON-RATED] - Management’s report focuses on sugar and biomass power plant - AGM Note
Management provided no color on soymilk segment. There was also no Q&A session. Ultra-conservative FY17 NPAT target of only VND184 billion (USD8 million, -89% vs FY16), which may be surpassed after one quarter. The remaining cash dividend of VND1,000/share for FY16 will be paid in Q2 2017. A 10:3 bonus share issuance will also be carried out in Q2 2017. FY17 ESOP plan: 1-3% ESOP if QNS delivers at least 10% growth in NPAT plus depreciation.