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QNS [OUTPERFORM +17.5%] - Poor investability and gloomy sugar segment drive de-rating - Update

We downgrade QNS to OUTPERFORM as we apply a 20% investability discount to our SoTP valuation given that QNS’s corporate access/information disclosure remain extremely limited. We believe QNS is undervalued at 2017F PER of 11.3x with branded soymilk contributing more than 80% to net profit, though its growth prospects are not as exciting as other consumer names.