QNS [OUTPERFORM +11.6%] - High input costs across segments to weigh on profitability

- We maintain our OUTPERFORM rating for QNS. In our view, QNS’s valuation looks appealing at our forecast 2023F-2025F EPS CAGR of 12%. Additionally, QNS’s TTM P/E of 9.6x is at a discount vs the five-year average sugar peer median TTM P/E of 13.8x that is