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

Mirae Asset Securities

External broker reports(aggregated public sources)

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

Equity Bottom-Up

<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

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

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<p><em>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.</em></p><p><em>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</em>…</p>

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

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)

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

[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

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