Viet Dragon Securities - QNS – 4M 2023 results: Sugar segment to lead growth

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Viet Dragon Securities

Loan Nguyen

QNS – 4M 2023 results: Sugar segment to lead growth

QNS witnessed robust growth in the first four months of 2023, with consolidated net revenue reaching VND 3,410 billion (+28% YoY) and EBT hitting VND 580 billion (+98% YoY). The sugar segment drove most of the profit growth, while the soy milk segment remained stable.
We expect QNS's business performance to peak in Q2/2023 due to increased sugar output and selling prices. However, the second half of 2023 may not see the same rapid profit growth as the first half, given the high base level of 2022 and the potential cooling down of sugar prices.
We have revised up QNS's valuation to 47,000 VND/share (implying an upside of 16% including a 7% cash dividend yield), considering the positive performance of the sugar segment. Nevertheless, investors should be cautious, as business results may decline in 2024 due to the reduced sugar segment activity. It is advisable to capitalize on peak quarterly results and monitor sugar and raw soybean prices closely.

01/06/2023 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

Loan Nguyen

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QNS – 4M 2023 results: Sugar segment to lead growth

AWAITING THE BREAKOUT

Vietnam chilled-fresh meat market – Significant long-term potential but difficult to realize in

The decline has not come to a halt

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