QNS released 2020 results in which revenue and NPAT-MI declined 16% YoY and 19% YoY, respectively. In Q4 2020, revenue and NPAT-MI dipped 15% YoY and 22% YoY, respectively. Per QNS, all segments posted lackluster results due to COVID-19’s negative impact on discretionary consumption and the effect of adverse weather on sugar volume in 2020. Nonetheless, 2020 NPAT-MI surpassed our expectation by 6% thanks to QNS’s higher sugar selling prices and lower SG&A expenses vs our forecasts