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

Rong Viet Securities

External broker reports(aggregated public sources)

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

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.

Equity Bottom-Up

<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

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

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<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

<ul><li>Soymilk accounted for 52.1% of QNS's 2022 net revenue.</li><li>Responding to the consumption trend of plant-based products, in May 2022, QNS launched the VEYO plant-based drinking yogurt in the high-end segment.</li><li>We expect the new product line to help the milk segment achieve 4–5% annual growth during 2023–2027F. </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>

Soymilk accounted for 52.1% of QNS's 2022 net revenue.Responding to the consumption trend of plant-based products, in May 2022, QNS launched the VEYO plant-based drinking yogurt in the high-end segment.We expect the new product line to help the milk segment achieve 4–5% annual growth during 2023–2027F. 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/ Trading Buy) - Positive Signals from Sugar Segment

<ul><li>In 1976, Southern Coffee - Dairy Company, a precursor to VNM, was established under the Foods General Directorate.</li><li>In 2003, it became a joint stock company and was officially renamed as Vietnam Dairy Products JSC. In 2006, VNM’s shares were listed on HOSE.</li><li>The company produces and trades in canned milk, powdered milk, beverages, and milkbased products. </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>

In 1976, Southern Coffee - Dairy Company, a precursor to VNM, was established under the Foods General Directorate.In 2003, it became a joint stock company and was officially renamed as Vietnam Dairy Products JSC. In 2006, VNM’s shares were listed on HOSE.The company produces and trades in canned milk, powdered milk, beverages, and milkbased products. 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)_March 2023

Vietnam

Quang Ngai Sugar is a leading Vietnamese company primarily engaged in the manufacturing and sale of sugar, beverages, and dairy products. It is particularly known for its dominant market share in the branded soymilk segment, offering popular brands like Fami and Vinasoy, and is also a major producer of cane sugar. The company, which originated from a state-owned enterprise established in 1970, officially began operating as Quang Ngai Sugar Joint Stock Company in 2006 and is headquartered in Quang Ngai, Vietnam.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Quang Ngai Sugar (QNS VN)

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

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

Quang Ngai Sugar JSC (QNS VN Equity/ Trading Buy) - Positive Signals from Sugar Segment

Responding to the consumption trend of plant-based products, in May 2022, QNS launched the VEYO plant-based drinking yogurt in the high-end segment.

Mirae Asset Securities

Stock recommendations (Vietnam Market)_March 2023

In 2003, it became a joint stock company and was officially renamed as Vietnam Dairy Products JSC. In 2006, VNM’s shares were listed on HOSE.

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)