QNS [MARKET PERFORM +0.4%] - Soy milk to lead 2022F growth - Update
  • 2021-11-30T00:00:00
  • Company Research

We maintain a MARKET PERFORM rating for QNS. In our view, QNS’s current 2022F P/E of 10.9x looks full due to sizable net profit contributions (26% in 2022F) from the cyclical sugar business that enjoys abnormally high margins while its soy milk business has a moderate growth outlook.

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