QNS - Closed its value chain to sustainable growth
In the short run, the downward movement in sugar prices will negatively affect QNS’s business results. However, we remain long-term positive on its core business activities, especially soymilk, where it is the undisputed market leader. QNS targets the soymilk segment to reach USD 1 Bn in revenues by 2027. For 2019, Rong Viet Securities forecasts net revenue and NPAT-MI of VND 8,155 bn (+2% YoY) and VND 1,153 bn (-7% YoY), respectively, corresponding to an EPS of VND 3,719 per share.
Using a Sum-of-the-parts valuation method, we estimate the fair value of QNS at VND 44,000 per share, resulting in an expected return of 45% based on the May 31, 2019 closing price and including a VND 1,500 per share cash dividend. We have a BUY rating on the stock.
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