SCS - Q1-2023 Business Update: Export-import cargo volume drops to record low
- Q1-2023 Revenue/NPAT plummeted by -34% YoY/-40% YoY as export-import cargo volume dropped to the lowest level since listing.
- SCS sets a low target for 2023, mainly due to concerns about weak trade flow, with export-import cargo volume and NPAT both decreasing by 11% YoY. Q1-2023 Revenue and NPAT completed 19% and 21% of full-year target, respectively.
- For 2023F, revenue and NPAT are projected at VND 740 billion (-13% YoY) and VND 525 billion (-19% YoY), respectively, corresponding to EPS 2023F of VND 5,215. SCS is trading at P/E 2023F of 13.6x. Reiterate ACCUMULATE recommendation with a TP of VND 69,300.
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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