QNS released H1 2017 results including revenue +18% and NPAT -0.5% vs H1 2016. Subdued earnings are mostly attributed to higher depreciation from QNS’s new sugar and soymilk plants. Soymilk posted a decent 5% revenue growth while PBT only inched up 1% vs H1 2016 due to heightening competition, resulting in higher selling expenses. Overall, the results are in line with our forecast. We will issue a more detailed update in the coming time.