QNS [OUTPERFORM +19.4%] - Soymilk improves; sugar and biomass volatile - Update
  • 2019-05-20T19:33:40
  • Company Research
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.