- QNS released Q3 2022 results with revenue of VND2.3tn (USD93.8mn; +9% YoY) and NPAT-MI of VND317bn (USD12.9mn; -9% YoY). 9M 2022's revenue and NPAT-MI was VND6.3tn (USD257.6mn; +9% YoY) and VND858bn (USD35mn; -1% YoY), completing 73% and 69% of our full-year forecasts, respectively. 

- We attribute the revenue growth in Q3 2022 to the recovery of QNS's sugar business resulting from the positive impact of protection tariffs against the evasion of trade remedies by imported sugar. However, as 9M 2022’s NPAT-MI trailed our expectation, we see potential downside risk to our current projection, pending a fuller view.

- In 9M 2022, soymilk revenue increased 5% YoY vs 12% YoY in H1 2022, which was dragged by a 5% YoY sales deceleration in Q3 2022 as this segment faced fierce competition. On the other hand, soymilk GPM expanded 4.9 ppts YoY in Q3 2022 and 70 bps in 9M 2022 partly thanks to 13% lower input soybean prices starting from mid-June 2022.

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