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Equity Bottom-Up

Quang Ngai Sugar Joint Stock Company / Equity Bottom-Up

Vietnam is one of the top soymilk consumer countries in the world but two-thirds of its consumption is homemade, which makes branded soymilk look attractive. As a leader in the soymilk market, QNS can enjoy the fast and covenient consumer trend to grow its soymilk segment.About the sugar segment, QNS has been concentrating on improving the productivity of its sugarcane harvest to compete with Thai sugar since 2018. Besides, the company is also taking advantage of its brand name to participate in…

Vietnam is one of the top soymilk consumer countries in the world but two-thirds of its consumption is homemade, which makes branded soymilk look attractive. As a leader in the soymilk market, QNS can enjoy the fast and covenient consumer trend to grow its soymilk segment.About the sugar segment, QNS has been concentrating on improving the productivity of its sugarcane harvest to compete with Thai sugar since 2018. Besides, the company is also taking advantage of its brand name to participate in…

[Result Update] QNS - Earnings Recovery in 2018

Viet Capital Securities Joint Stock Company

Luan Nguyen

Thematic (Sector/Industry)

1. Home laundry appliances grow by 13% to reach 1.4 million units in 2015, value growth rate is 17% to reach VND8.8 trillion.2. Laundry care’s value reaches VND20.5 trillion, growing by 13% in 2015.Laundry detergents grew remarkably from 6% in 2014 to 10% in 2015. Concentrated powder detergents remain negligible on the market. On the other hand, concentrated liquid detergent and condensed fabric softener prevail.

1. Home laundry appliances grow by 13% to reach 1.4 million units in 2015, value growth rate is 17% to reach VND8.8 trillion.2. Laundry care’s value reaches VND20.5 trillion, growing by 13% in 2015.Laundry detergents grew remarkably from 6% in 2014 to 10% in 2015. Concentrated powder detergents remain negligible on the market. On the other hand, concentrated liquid detergent and condensed fabric softener prevail.

Positive Growth for Laundry Market in Vietnam

Equity Capital Markets

Quang Ngai Sugar Joint Stock Company / Equity Capital Markets

Listing is planned on December 8, 2016 at a price of ~VND80,000, which puts QNS’s market cap at ~USD556 million and corresponds to a TTM PER of 10.9x. Free-float is ~20%. Quite attractive.   QNS holds an 85% market share in branded soya milk, which occupies ~64% of its 9M 2016 PBT. One of the largest sugarcane plantations in Vietnam. Sugar constitutes ~13% of 9M 2016 PBT. QNS owns the most popular beer brand in Quang Ngai, which contributes ~6% to 9M 2016 PBT.   Mineral water and confectionery combined for ~5.5% of 9M 2016 PBT. Management guides for flat NPAT in FY16 vs FY15 (USD55 million) despite a decline in 9M 2016.

Listing is planned on December 8, 2016 at a price of ~VND80,000, which puts QNS’s market cap at ~USD556 million and corresponds to a TTM PER of 10.9x. Free-float is ~20%. Quite attractive.   QNS holds an 85% market share in branded soya milk, which occupies ~64% of its 9M 2016 PBT. One of the largest sugarcane plantations in Vietnam. Sugar constitutes ~13% of 9M 2016 PBT.  QNS owns the most popular beer brand in Quang Ngai, which contributes ~6% to 9M 2016 PBT.   Mineral water and confectionery combined for ~5.5% of 9M 2016 PBT. Management guides for flat NPAT in FY16 vs FY15 (USD55 million) despite a decline in 9M 2016.

Despite the recession, packaged meat and seafood value in the year of 2016 increased by 6% compared to 2015. The value increased thanks to the improvement in unit price. Sale output also went up by 5% due to the fact that customers preferred choosing convenient products to consuming fresh meat. Packaged meat and seafood growth from 2013 to 2016 was not as high as in 2007 to 2011.

Despite the recession, packaged meat and seafood value in the year of 2016 increased by 6% compared to 2015. The value increased thanks to the improvement in unit price. Sale output also went up by 5% due to the fact that customers preferred choosing convenient products to consuming fresh meat. Packaged meat and seafood growth from 2013 to 2016 was not as high as in 2007 to 2011.

Meal Preparation Becomes More Convenient Thanks to Processed Food

Full-fat shelf stable milk, notably those with 100% milk ingredient, revealed retail value sales advance by 13% in 2016, which is supported by increasing consumption of milk for improving height and physique. Ambient milk drinks are much more widespread than chilled ones as demand for chilled milk drinks stays low mostly due to high price and short shelf life. Shelf stable milk with long life, regularly seen as being more convenient and cost-effective, ensures the highest growth that accounting for 60% of total retail value sales, while fresh milk accounted for 5%.

Full-fat shelf stable milk, notably those with 100% milk ingredient, revealed retail value sales advance by 13% in 2016, which is supported by increasing consumption of milk for improving height and physique. Ambient milk drinks are much more widespread than chilled ones as demand for chilled milk drinks stays low mostly due to high price and short shelf life. Shelf stable milk with long life, regularly seen as being more convenient and cost-effective, ensures the highest growth that accounting for 60% of total retail value sales, while fresh milk accounted for 5%.

Consumption and the Prospect of Milk-Based Products in 2016

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)

[Result Update] QNS - Earnings Recovery in 2018

Vietnam is one of the top soymilk consumer countries in the world but two-thirds of its consumption is homemade, which makes branded soymilk look...

Rong Viet Securities

Positive Growth for Laundry Market in Vietnam

1. Home laundry appliances grow by 13% to reach 1.4 million units in 2015, value growth rate is 17% to reach VND8.8 trillion.2. Laundry care’s...

Luan Nguyen

Soya Milk Leader About to List on Upcom

Listing is planned on December 8, 2016 at a price of ~VND80,000, which puts QNS’s market cap at ~USD556 million and corresponds to a TTM PER of...

Luan Nguyen

Meal Preparation Becomes More Convenient Thanks to Processed Food

Despite the recession, packaged meat and seafood value in the year of 2016 increased by 6% compared to 2015. The value increased thanks to the...

Luan Nguyen

Consumption and the Prospect of Milk-Based Products in 2016

Full-fat shelf stable milk, notably those with 100% milk ingredient, revealed retail value sales advance by 13% in 2016, which is supported by...

Luan Nguyen

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