- Lam Son Sugar Cane JSC (HOSE: LSS) is Vietnam’s third-largest sugar manufacturer in terms of sugar output as of end-FY21/22. 

- LSS is in the process of rebranding from a sugar manufacturer to an organic agriculture company. In FY21/22, sugar was LSS’s largest revenue contributor (92%), followed by organic rice (3%), organic beverages (2%), organic fruits (2%), and others (1%). 

- In 9M FY22/23, LSS’s revenue fell 15% YoY. The company’s sugar output was negatively affected in Q2 & Q3 FY22/23 by (1) fierce competition from imported & smuggled sugar and (2) weaker domestic demand (see page 7).

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