Analyst Pinboard SCS – Q3 2021 Business Results Preview: Higher ASP to compensate cargo volume decline induced by disrupted trading activities
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· Estimated Q3-2021 revenue/NPAT amounted to VND172Bn (+3% YoY)/VND121bn (+6% YoY). Cumulative 9M-2021 revenue/NPAT have completed 75%/77% of our full-year forecast. · Affected by the strict social distancing, the int’l cargo volume in Q3-2021 declined by -6% YoY and -20% QoQ to 36 thousand tons. However, the surge in blended ASP (int’l and domestic) of 21% YoY to VND3.6 mn, given higher contribution of int’l cargo of 82% (vs 74% in Q3-2020) and more pharmaceutical imports in the cargo mix, compensate the int’l cargo decline, helping revenue inch up by 3% YoY. · While COGS declined by -4% YoY and -16% QoQ, relatively in line with cargo throughput volume, administration expenses were strictly managed with a -3% YoY/ -13% QoQ reduction. These helped expand GPM/net margin by 149 bps YoY/201bps YoY in Q3-2021, primarily supporting bottom line growth rate. · Projected 2021F/22F NPAT stay at VND530 (+14% YoY)/ VND602bn (+13% YoY), equivalent to 2021F/22F EPS of VND 9,087/ VND 10,461. We maintain TP of SCS at VND155,000 per share, implying 2021F/22F P/E of 15.9x/13.9x. |
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.
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