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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Using a sum-of-the-parts (SoTP) valuation approach, we derive a fair value of VND 52,700/share for QNS, implying a target 2026E P/E and P/B of 10.1x and 1.7x, respectively.</li><li>Based on the closing price as of 19 Aug-2026 and including a cash dividend of VND 4,000/share, we maintain our ACCUMULATE recommendation on QNS, implying a total expected return of 16%, including an 9% dividend yield.</li><li>Plant-based milk segment (soy milk) partially offset the prolonged downturn in sugar prices In 2025, QNS reported net revenue of VND 10,573bn (+3.2% YoY), with the sugar and milk segments contributing 45.4% and 34.4% of total revenue, respectively. </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>

Using a sum-of-the-parts (SoTP) valuation approach, we derive a fair value of VND 52,700/share for QNS, implying a target 2026E P/E and P/B of 10.1x and 1.7x, respectively.Based on the closing price as of 19 Aug-2026 and including a cash dividend of VND 4,000/share, we maintain our ACCUMULATE recommendation on QNS, implying a total expected return of 16%, including an 9% dividend yield.Plant-based milk segment (soy milk) partially offset the prolonged downturn in sugar prices In 2025, QNS reported net revenue of VND 10,573bn (+3.2% YoY), with the sugar and milk segments contributing 45.4% and 34.4% of total revenue, respectively. 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 rebalancing as the sugar price cycle turns

Quang Ngai Sugar

QNS - Expecting rebalancing as the sugar price cycle turns