- QNS released Q4 2022 results with revenue of VND1.9tn (USD82.9mn; +25% YoY) and NPAT-MI of VND427bn (USD18mn; +15% YoY). QNS’s 2022 revenue and NPAT-MI was VND8.3tn (USD351.4mn; +13% YoY) and VND1.3tn (USD55mn; +2% YoY), completing 99% and 115% of our full-year forecasts, respectively. 

- We attribute the revenue growth in Q4 2022 to the recovery of QNS's sugar business resulting from the positive impact of protection tariffs against the evasion of trade remedies by imported sugar. 

- In 2022, soy milk revenue increased 5% YoY as this segment faced fierce competition with other producers in the market. On the other hand, soy milk GPM edged up 50 bps YoY in 2022, which was partly attributable to lower input soybean prices starting from mid-June 2022.

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