QNS [MARKET PERFORM -2.1%] - Robust sugar prices fuel profit growth; soy milk remains weak

- We downgrade our rating to MARKET PERFORM from OUTPERFORM following a 14% increase in QNS’s share price over the last two months. QNS’s 2023F P/E at target price of 8.0x looks full given (1) the moderate long-term outlook for the soy milk business and (