SCS – Profit declining rate to slow from Q2-2023
- SCS decreased the 2023 business plan for Revenue and PBT by 9% and 10% respectively compared to the previous preliminary plan in March. The final plan for revenue and PBT in 2023 are VND 780 billion (-8% YoY) and VND560 billion (-20% YoY) respectively.
- For Q2-2023, we forecast revenue vs NPAT to reach VND 175 billion (-15% YoY) and VND 125 billion (-18% YoY), mainly due to weak import-export cargo volume, forecasted to reach 34 thousand tons (-23% YoY).
- We maintain our forecast for 2023, in which revenue is VND 740 billion (-13% YoY) and NPAT is VND 525 billion (-19% YoY). 2023F EPS is VND 5,125.
- We maintain the target price for SCS at VND 69,300/share, recommending ACCUMULATE, based on P/E valuation method (P/E target of 13x@ 2023F EPS) and DCF (Ke: 11.2% and g: 1.3%). At the closing price on June 19, 2023, SCS is trading at a P/E 2023F of 13.4x.
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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