QNS – 1H19: Sweet soymilk – bitter sugar – Earnings Update
Company Note 31/07/2019 302
- Low sugar production spoiled soymilk’s glory in 1H19. Soymilk gross margin continue to advance.
- Sugar gross profit shrank amid lower commercial cane sugar (CCS) and price drop. Sugar production decreased and disbursement of refined sugar (RE) project slowed.
- Higher administration costs and CIT rate offset better blended gross margin.
Market Price |
Target Price |
Dividend Yield |
Rating |
Sector |
VND31,400 |
VND44,300 |
1.6% |
ADD |
CONSUMER GOODS |
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