We maintain a MARKET PERFORM rating as we nudge up our target price by 1%, mainly thanks to a rollover of our valuation to YE2020 and increased soymilk forecasts on the back of QNS’s more aggressive growth plan for this segment. However, due to expected weaker sugar volume amid a drought, we cut our 2019F-2021F NPAT-MI by 1%/22%/13%.Overall, we forecast NPAT-MI to decrease 11%/6% in 2019F/2020F due to losses from sugar that overshadow 8%/5% advances in soymilk NPAT.