- We attended QNS’s 2023 AGM in Quang Ngai Province on April 1. The meeting focused on the business outlook for 2023 and 2M 2023 performance, which showed better-than-expected sugar sales. We see potential upside to our current forecasts, pending a fuller review.

- 2023 business guidance includes revenue of VND8.4tn (USD343mn; +1% YoY) and NPAT of VND1.0tn (USD41mn; -16% YoY). We note that QNS has a history of surpassing its profit guidance. Specifically, QNS exceeded its NPAT-MI guidance by 37% in 2021 and 28% in 2022.

- Shareholders approved the last cash dividend for FY2022 of VND1,500/share (yield of 3.7%); the record and payment dates for this dividend are April 18 and April 27, respectively. Including this amount, the FY2022 cash dividend will total VND3,000/share (yield of 7.5%).

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