QNS’s 9M 2018 results (revenue +4% YoY, NPAT +15% YoY) reinforce our view of a recovery in the company’s business mainstay of soymilk after a subdued H1 2018. Other key segments, namely sugar and biomass power, maintained elevated growth off a low base to bolster QNS’s profits. Overall, QNS’s 9M 2018 results are in line with our expectation and we do not anticipate any material change to our forecasts and target price for QNS.