QNS announced its Q1 2020 results, including net revenue of VND1.4tn (USD60mn; -29% YoY) and NPAT of VND117bn (USD5mn; -25% YoY). As all segments — especially sugar and soymilk — significantly underperformed our expectation, we see potential downside risk to our current forecasts, pending a fuller review. Soymilk sales dropped 8% YoY in Q1 2020 (vs our forecast of 10% YoY growth for full-year 2020). Per management, soymilk sales dropped the most in March, which is when the COVID-19 pandemic