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- QNS released its H1 2024 results with revenue of VND5.3tn (USD210mn; +1% YoY) and NPAT-MI of VND1.2tn (USD48mn; +19% YoY), completing 52% and 58% of our respective full-year forecasts. Revenue was in line with our forecast while earnings tracked ahead of our expectations due to strong sugar profitability. We see upside potential to our current projections, pending a fuller review.
- In H1 2024, sugar revenue declined 2% YoY driven by the decrease in sugar volume of 11% YoY, but the segment’s GPM expanded 6.9 ppts YoY as sugar prices remained at a high level (+10% YoY). Additionally, soy milk revenue was flat YoY, but GPM declined 2 ppts YoY due to an increase of 7% in COGS in H1 2024. Other businesses, with the biomass business as the main contributor, recorded robust gross profit growth due to solid sugarcane bagasse input from the sugar segment.
- QNS’s EBIT margin expanded 3.4 ppts YoY in H1 2024 due to (1) strong profitability of the sugar segment and (2) effective cost management as SG&A/sales declined 2.2 ppts YoY.
QNS’s Q2 and H1 2024 results
VND bn | Q2 2023 | Q2 2024 | YoY | QoQ | H1 2023 | H1 2024 | YoY | H1 2024 as % of Vietcap's 2024F |
Revenue | 3,152 | 2,820 | -11% | 12% | 5,282 | 5,343 | 1% | 52% |
Soy milk | 1,161 | 1,185 | 2% | 50% | 1,978 | 1,974 | 0% | 46% |
Sugar | 1,473 | 1,060 | -28% | -6% | 2,220 | 2,184 | -2% | 55% |
Others(1) | 518 | 576 | 11% | -5% | 1,084 | 1,185 | 9% | 58% |
Gross profit | 997 | 984 | -1% | 22% | 1,593 | 1,792 | 13% | 53% |
Soy milk | 473 | 450 | -5% | 46% | 800 | 759 | -5% | 42% |
Sugar | 383 | 367 | -4% | 13% | 551 | 692 | 26% | 66% |
Others(1) | 141 | 166 | 18% | -5% | 242 | 341 | 41% | 70% |
Operating profit | 747 | 722 | -3% | 34% | 1,069 | 1,261 | 18% | 59% |
Non-operating profit | 50 | 42 | -17% | 4% | 84 | 82 | -3% | 26% |
PBT | 797 | 764 | -4% | 32% | 1,154 | 1,344 | 16% | 55% |
NPAT-MI | 712 | 690 | -3% | 30% | 1,028 | 1,222 | 19% | 58% |
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GPM | 31.6% | 34.9% |
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| 30.2% | 33.5% |
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Soy milk | 40.7% | 38.0% |
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| 40.5% | 38.4% |
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Sugar | 26.0% | 34.7% |
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| 24.8% | 31.7% |
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EBIT margin | 23.7% | 25.6% |
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| 20.2% | 23.6% |
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NPM | 22.6% | 24.5% |
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| 19.5% | 22.9% |
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Source: QNS, Vietcap
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