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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

Equity Capital Markets

Quang Ngai Sugar / 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.

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.

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Quang Ngai Sugar (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

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

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