First Berlin Equity Research has published a research update on QNA Technology S.A. (ISIN: PLQNTHL00017). Analyst Alexander Rihane reiterated his BUY rating and maintained his PLN 51.00 price target.

Abstract
QNA Technology has published H1 results, which were roughly in line with our estimates. Operating costs, which are primarily (63%) comprised of personnel expenses, rose 26% y/y to PLN 6.2m as QNA expanded its workforce. While costs were slightly above our projections, we will wait to see how the third quarter develops before adjusting our forecasts. Looking forward, we see the announcement of a JV/JDA with a display producer, progress on the Reborn Materials plastic recycling front, and/or the announcement of another non-display deal as near-term value drivers for QNA. An updated DCF model yields an unchanged price target of PLN 51. We maintain our Buy recommendation (upside: 46%).