- We maintain our OUTPERFORM rating for QNS while increasing our target price (TP) by 4%. This is mainly due to (1) an increase in our aggregate 2024F-28F NPAT-MI forecast by 6% (+3%/+8%/+7%/+9%/+5% in 2024F/25F/26F/27F/28F), (2) rolling over our TP horiz