QNS released its Q1 2019 results, including revenue of VND2tn (USD85mn, +25% YoY) and NPAT of VND155bn (USD6.6mn, -18% YoY). Soymilk revenue recovered from a low Q1 2018 base and tracked slightly ahead of our forecast. On the other hand, sugar GPM underperformed our expectation due to higher-than-expected depreciation expenses. Q1 2019 NPAT was further undermined by a surge in SG&A expenses (+35% YoY) and a step-up in effective tax rate. We are obtaining more information from management