toggle icon
logo text
logo symbol
toggle icon
Back

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

Company Research

07 Dec 2017

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.
Tags: QNS

Contact us for a research access: (+84) 2 8888 2 6868

/trung-tam-phan-tich