We lower our rating to O-PF as a 12% share price rally in the last two months has left a TSR of 19% to our TP, which edged 1% higher vs our previous report. 2018F-2019F NPAT remain intact. While some valuation discount vs peers is warranted due to its ineffective capital allocation, we believe QNS’s 2018F PER of 8.9x, vs a soymilk/dairy peer median of 20.7x, is undemanding. We forecast Q4 2018 NPAT to maintain 9M 2018 momentum (+15% vs 9M 2017) and jump 23% vs Q4 2017 thanks to improved