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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’s Q2-2025 performance fell 11% below our expectation, with net revenue of VND2,956 bn (+4.8% YoY) and NPAT-MI of VND546 bn (-20.9% YoY).</li><li>This was primarily driven by negative impacts in the sugar segment, with a decline in production volume (-5.3% YoY) and selling prices (-4.9% YoY).</li><li>Subdued demand (influenced by Decree 70), coupled with intense competition from smuggled sugar and a robust 2023/24 and 2024/25 sugarcane harvest, has led to high inventories and underperformance across most sugar mills.</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’s Q2-2025 performance fell 11% below our expectation, with net revenue of VND2,956 bn (+4.8% YoY) and NPAT-MI of VND546 bn (-20.9% YoY).This was primarily driven by negative impacts in the sugar segment, with a decline in production volume (-5.3% YoY) and selling prices (-4.9% YoY).Subdued demand (influenced by Decree 70), coupled with intense competition from smuggled sugar and a robust 2023/24 and 2024/25 sugarcane harvest, has led to high inventories and underperformance across most sugar mills.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 the Sugar Industry Headwinds Will Gradually Pass