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Equity Bottom-Up

Quang Ngai Sugar Joint Stock Company / Equity Bottom-Up

Quang Ngai Sugar Joint Stock Company (QNS VN)

<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