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QNS [OUTPERFORM +19.9%] - Valuation turns attractive for Vietnam’s top soymilk player - Update

We upgrade our recommendation for QNS from MARKET PERFORM to OUTPERFORM while keeping our target price unchanged, driven by an 11% dip in QNS’s share price since our initiation on May 10, 2017. We stated in that report that moderate growth prospects in the soymilk segment (75% of 2017F NPAT) and QNS’s heavy investments in sugar and biomass power drove our neutral view on the company. However, we believe QNS has become attractive as the share price correction has brought its FY17F PER down to 14x