Company Insight

Quang Ngai Sugar Joint Stock Company (UpCOM: QNS) is a leading enterprise in soymilk production and the second-largest sugar producer in Vietnam. Based on the FCFF and PE methods, we recommend buying QNS with a target price of VND 63,500. QNS recorded record-high revenue and profit in 2024, and business results are expected to remain positive in 2025 as: (1) QNS continues to reinforce its leading position in soy milk with a dominant market share, and soy milk’s gross profit margin could improve thanks to benefiting from lower raw soybean prices; (2) Sugar prices are expected to remain high, supporting the sugar segment; and (3) A healthy financial structure and a high cash dividend payout ratio are expected to be maintained.