Analyst Pin-board SCS – April International Cargo Throughput Slightly Decreased MoM but Remained at A High Level
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· SCS's import-export cargo throughput in April decreased by 8% compared to the previous month to 15.7 thousand tons, but this level was still 4% higher than the same period last year. · International throughput in May is likely to be under pressure before recovering in June due to the reopening in Shanghai. · We expect international throughput in 2022F/23F to reach 201 thousand tons (+15% YoY) / 221 thousand tons (+10% YoY). Combined with the higher renewed freight handling tariffs, 2022F/23F NPAT is estimated at VND 694 billion (+23% YoY) / VND 812 billion (17% YoY), equivalent to an EPS in 2022F/23F of 12,312 VND/14,598 VND. We reiterate our ACCUMULATE recommendation for SCS with a target price (based on P/E multiple and DCF) of VND 188,200/share, implying P/E 2022F/23F of 15.3x/12.9x respectively. |
Sai Gon Cargo Service Corp. Sai Gon Cargo Service Corporation is a Vietnam-based company primarily engaged in the ground freight and logistics sector. The Company's leading business activities include the operation of air cargo terminals; the leasing of offices, parking lots and soccer fields, and the rental of aircraft hangars in Tan Son Nhat airport.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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