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QNS [NON-RATED] - Soya milk leader about to list on Upcom - Visit Note

Listing is planned on December 8, 2016 at a price of ~VND80,000, which puts QNS’s market cap at ~USD556 million and corresponds to a TTM PER of 10.9x. Free-float is ~20%. Quite attractive. QNS holds an 85% market share in branded soya milk, which occupies ~64% of its 9M 2016 PBT. One of the largest sugarcane plantations in Vietnam. Sugar constitutes ~13% of 9M 2016 PBT. QNS owns the most popular beer brand in Quang Ngai, which contributes ~6% to 9M 2016 PBT.