We upgrade our rating for QNS from MARKET PERFORM to OUTPERFORM owing to (1) its attractive valuations with projected 2020F-2023F FCF/EV yields of 14%-19% mainly driven by its leading soymilk business and (2) our expected earnings recovery from a low 2020F base. We raise our target price (TP) by 17% as we roll it over to YE2021 and factor in a 1.2-ppt decline in our house cost of equity to 13.0%, which is partly offset by a 4% downward revision to our aggregate 2021F-2022F NPAT-MI as Q3 2020.