Viet Dragon Securities - Analyst Pin-board QNS – Rising sugar price to boost FY2021 earning

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Viet Dragon Securities

Son Tran

Analyst Pin-board QNS – Rising sugar price to boost FY2021 earning

We have a bright look on QNS’s business results in FY2021 as we expect sugar segment to lift the company’s overall income thanks to its sugar selling price rally in FY2021, surging 30% YoY in FY2021 per our estimates. On the contrary, due to sugar price and soybean rally, soy milk’s income will decrease at mid single-digit rate with YoY contracting profit margins.
FY2021 estimated revenue and NPAT to post VND 7,356 Bn (or USD 318 Mn, +22% YoY) and VND 1,177 Bn (or USD 51 Mn, +20% YoY) respectively, completing 92% revenue target and 129% NPAT target. Correspondent 2021 EPS will be VND 3,828, and 2021 forward PER will be 10.2x. In which, we estimate sugar segment to reach VND 1,657 Bn revenue (+67% YoY) and VND 228 Bn NPAT (versus VND -8 Bn in FY2020).
We believe QNS possesses attractive upside at the current valuation given our 17% estimated five year CAGR NPAT growth and 14% FCFE yield in FY2021-2025. Based on the 50%:50% valuation mix of DCF and SoTP, we recommend BUY on QNS at TP of VND 51,000, equivalent to expected return of 37% with 6% cash dividend yield.

10/06/2021 6 EN

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Viet Dragon Securities

Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.

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Analysts

Son Tran

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Analyst Pin-board QNS – Rising sugar price to boost FY2021 earning

MOVING FORWARD

CONTINUING THE GAINING STREAK

SCS – Fairly positive results despite revenue and NPAT growth deceleration in Q2-FY25

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