External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

Quang Ngai Sugar Joint Stock Company / Equity Bottom-Up

<ul><li>Net revenue of Quang Ngai Sugar JSC (QNS) reached VND5.3tn (+31.6% YoY), with net profit after tax of VND1.0tn (+90.1% YoY), completing 64% and 102%, respectively, of the company’s annual target.</li><li>The sugar segment mainly contributed to this performance, with net revenue of VND2.2tn (+163.6% YoY) and PBT reaching VND470bn (+488% YoY).</li><li>In contrast, the soymilk segment recorded a net revenue of VND2tn (-7.3% YoY) and PBT of VND430bn (+6% YoY). </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Net revenue of Quang Ngai Sugar JSC (QNS) reached VND5.3tn (+31.6% YoY), with net profit after tax of VND1.0tn (+90.1% YoY), completing 64% and 102%, respectively, of the company’s annual target.The sugar segment mainly contributed to this performance, with net revenue of VND2.2tn (+163.6% YoY) and PBT reaching VND470bn (+488% YoY).In contrast, the soymilk segment recorded a net revenue of VND2tn (-7.3% YoY) and PBT of VND430bn (+6% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Quang Ngai Sugar JSC (QNS VN Equity/ Hold) - Update - Sweet Outlook

<ul><li>Soymilk accounted for 52.1% of QNS's 2022 net revenue.</li><li>Responding to the consumption trend of plant-based products, in May 2022, QNS launched the VEYO plant-based drinking yogurt in the high-end segment.</li><li>We expect the new product line to help the milk segment achieve 4–5% annual growth during 2023–2027F. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Soymilk accounted for 52.1% of QNS's 2022 net revenue.Responding to the consumption trend of plant-based products, in May 2022, QNS launched the VEYO plant-based drinking yogurt in the high-end segment.We expect the new product line to help the milk segment achieve 4–5% annual growth during 2023–2027F. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Quang Ngai Sugar JSC (QNS VN Equity/ Trading Buy) - Positive Signals from Sugar Segment

Vietnam Dairy Products JSC / Equity Bottom-Up

<ul><li>In 1976, Southern Coffee - Dairy Company, a precursor to VNM, was established under the Foods General Directorate.</li><li>In 2003, it became a joint stock company and was officially renamed as Vietnam Dairy Products JSC. In 2006, VNM’s shares were listed on HOSE.</li><li>The company produces and trades in canned milk, powdered milk, beverages, and milkbased products. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

In 1976, Southern Coffee - Dairy Company, a precursor to VNM, was established under the Foods General Directorate.In 2003, it became a joint stock company and was officially renamed as Vietnam Dairy Products JSC. In 2006, VNM’s shares were listed on HOSE.The company produces and trades in canned milk, powdered milk, beverages, and milkbased products. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stock recommendations (Vietnam Market)_March 2023

Vietnam

Quang Ngai Sugar Joint Stock Company distributes food products. The Company supplies alcoholic and non-alcoholic beverages, dairy products, confectionery, cookies, sugar, and other products. Quang Ngai Sugar serves customers in Vietnam.

Quang Ngai Sugar Joint Stock Company (QNS VN)

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