QNS announced 2019 results that included revenue of VND7.7tn (USD332mn, -4% YoY) and NPAT-MI of VND1.3tn (USD55mn, +3% YoY). The latter exceeded our expectation by 16%, which we attribute primarily to stronger-than-expected profits from sugar and non-soymilk F&B segments along with softer-than-projected selling expenses in Q4 2019. We thus see potential upside to our current forecasts, pending a fuller review.