We upgrade our rating from MARKET PERFORM to OUTPERFORM. In our view, QNS is attractive with 2021F-2023F FCF/EV yields of 16%-18% and a 2020F-2023F EPS CAGR of 11%. We raise our target price (TP) by 7% as we roll it over to mid-2022 while incorporating a 50-bp reduction in our revised house cost of equity to 12.5%. These adjustments are partly offset by a 1% cut to our aggregate 2021F-2023F NPAT-MI amid weak soymilk sales in Q1 2021 and the ongoing resurgence of COVID-19.