We upgrade QNS to OUTPERFORM despite trimming our TP by 4% as the share price has dropped 12% in the past three months. We believe QNS offers good value at the current valuation given our projected FCF yields of 11%-22% during 2019F-2021 and improving soymilk sales. The cut in our TP is mostly due to a lower biomass valuation and a smaller net cash balance.