- We downgrade our rating from OUTPERFORM to MARKET PERFORM following a 30% surge in QNS’s share price in the last three months. In our view, QNS’s 2022F PER of 11.0x (per our forecasts) looks full given the moderate medium-term growth outlook of its soymilk business and sizable profit contributions (27% in 2021F) from the volatile sugar business.

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