External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

Quang Ngai Sugar Joint Stock Company / Equity Bottom-Up

<ul><li>Quang Ngai Sugar Joint Stock Company (QNS) is a diversified consumer staple company in Vietnam, with operations spanning five key segments: Soymilk (Vinasoy), sugar and biomass power, mineral water and soft drinks (Thach Bich), beer (Dung Quat), and confectionery.</li><li>Soymilk remains the revenue driver, contributing 40.5% in FY24 revenue.</li><li>The sugar and biomass segment is undergoing long-term capacity expansion through 2027, indicating a new growth phase for QNS, which should bring strengthened domestic market leadership and scale up its multi-category platform.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Quang Ngai Sugar Joint Stock Company (QNS) is a diversified consumer staple company in Vietnam, with operations spanning five key segments: Soymilk (Vinasoy), sugar and biomass power, mineral water and soft drinks (Thach Bich), beer (Dung Quat), and confectionery.Soymilk remains the revenue driver, contributing 40.5% in FY24 revenue.The sugar and biomass segment is undergoing long-term capacity expansion through 2027, indicating a new growth phase for QNS, which should bring strengthened domestic market leadership and scale up its multi-category platform.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Quang Ngai Sugar JSC (QNS VN) - Soymilk to Sweeten the Cycle

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>QNS’s Q2-2025 performance fell 11% below our expectation, with net revenue of VND2,956 bn (+4.8% YoY) and NPAT-MI of VND546 bn (-20.9% YoY).</li><li>This was primarily driven by negative impacts in the sugar segment, with a decline in production volume (-5.3% YoY) and selling prices (-4.9% YoY).</li><li>Subdued demand (influenced by Decree 70), coupled with intense competition from smuggled sugar and a robust 2023/24 and 2024/25 sugarcane harvest, has led to high inventories and underperformance across most sugar mills.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

QNS’s Q2-2025 performance fell 11% below our expectation, with net revenue of VND2,956 bn (+4.8% YoY) and NPAT-MI of VND546 bn (-20.9% YoY).This was primarily driven by negative impacts in the sugar segment, with a decline in production volume (-5.3% YoY) and selling prices (-4.9% YoY).Subdued demand (influenced by Decree 70), coupled with intense competition from smuggled sugar and a robust 2023/24 and 2024/25 sugarcane harvest, has led to high inventories and underperformance across most sugar mills.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

QNS - Expecting the Sugar Industry Headwinds Will Gradually Pass

<ul><li>QNS Q1-2025 results missed our expectation by 19%, with net sales of VND 2,351 bn (-10% YoY) and NPAT-MI of VND 392 bn (-26% YoY), mainly due to weak performance in the sugar segment with output volume fell 32.1% YoY and ASP dropped 3.9% YoY.</li><li>Soft demand, rising competition from sugar smuggling, and a strong 2023–24 cane crop led to high inventories and disappointing results for most sugar mills.</li><li>The key bright spot was soymilk, with volume growth of +10.1% YoY, driven by market share gains in the trending plant-based milk niche.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

QNS Q1-2025 results missed our expectation by 19%, with net sales of VND 2,351 bn (-10% YoY) and NPAT-MI of VND 392 bn (-26% YoY), mainly due to weak performance in the sugar segment with output volume fell 32.1% YoY and ASP dropped 3.9% YoY.Soft demand, rising competition from sugar smuggling, and a strong 2023–24 cane crop led to high inventories and disappointing results for most sugar mills.The key bright spot was soymilk, with volume growth of +10.1% YoY, driven by market share gains in the trending plant-based milk niche.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

QNS - Efforts to Ramp up Sugar Production as Planned by Year-End

Thematic (Sector/Industry)

<ul><li>FPT cut its 2025 base-case guidance to 15% revenue and 18–19% profit growth (vs. 20%/21% at AGM): As of 8M25, revenue reached VND43,818bn (+10.5% YoY) and PBT VND8,315bn (+17.5% YoY), with a margin of 19.0%.</li><li>The Technology segment led with VND27,123bn revenue (+10.6% YoY) and PBT VND3,807bn (+13% YoY), margin of 14%.</li><li>Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

FPT cut its 2025 base-case guidance to 15% revenue and 18–19% profit growth (vs. 20%/21% at AGM): As of 8M25, revenue reached VND43,818bn (+10.5% YoY) and PBT VND8,315bn (+17.5% YoY), with a margin of 19.0%.The Technology segment led with VND27,123bn revenue (+10.6% YoY) and PBT VND3,807bn (+13% YoY), margin of 14%.Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stock recommendations (Vietnam Market)_October 2025

<ul><li>Net revenue of Quang Ngai Sugar JSC (QNS) reached VND5.3tn (+31.6% YoY), with net profit after tax of VND1.0tn (+90.1% YoY), completing 64% and 102%, respectively, of the company’s annual target.</li><li>The sugar segment mainly contributed to this performance, with net revenue of VND2.2tn (+163.6% YoY) and PBT reaching VND470bn (+488% YoY).</li><li>In contrast, the soymilk segment recorded a net revenue of VND2tn (-7.3% YoY) and PBT of VND430bn (+6% YoY). </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Net revenue of Quang Ngai Sugar JSC (QNS) reached VND5.3tn (+31.6% YoY), with net profit after tax of VND1.0tn (+90.1% YoY), completing 64% and 102%, respectively, of the company’s annual target.The sugar segment mainly contributed to this performance, with net revenue of VND2.2tn (+163.6% YoY) and PBT reaching VND470bn (+488% YoY).In contrast, the soymilk segment recorded a net revenue of VND2tn (-7.3% YoY) and PBT of VND430bn (+6% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Quang Ngai Sugar JSC (QNS VN Equity/ Hold) - Update - Sweet Outlook

Vietnam

Quang Ngai Sugar Joint Stock Company distributes food products. The Company supplies alcoholic and non-alcoholic beverages, dairy products, confectionery, cookies, sugar, and other products. Quang Ngai Sugar serves customers in Vietnam.

Quang Ngai Sugar Joint Stock Company (QNS VN)

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Quang Ngai Sugar Joint Stock Company (QNS VN)

Quang Ngai Sugar JSC (QNS VN) - Soymilk to Sweeten the Cycle

The sugar and biomass segment is undergoing long-term capacity expansion through 2027, indicating a new growth phase for QNS, which should bring...

Mirae Asset Securities

QNS - Expecting the Sugar Industry Headwinds Will Gradually Pass

QNS’s Q2-2025 performance fell 11% below our expectation, with net revenue of VND2,956 bn (+4.8% YoY) and NPAT-MI of VND546 bn (-20.9% YoY).

Rong Viet Securities

QNS - Efforts to Ramp up Sugar Production as Planned by Year-End

Soft demand, rising competition from sugar smuggling, and a strong 2023–24 cane crop led to high inventories and disappointing results for most...

Rong Viet Securities

Stock recommendations (Vietnam Market)_October 2025

Management cited weaker overseas IT services due to tariff-related delays and fewer small contracts as clients adopt AI solutions.

Mirae Asset Securities

Quang Ngai Sugar JSC (QNS VN Equity/ Hold) - Update - Sweet Outlook

The sugar segment mainly contributed to this performance, with net revenue of VND2.2tn (+163.6% YoY) and PBT reaching VND470bn (+488% YoY).

Mirae Asset Securities

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