SCS – Q2 2023 Results closely in line with our expectations
- SCS announced Q2-2023 results with revenue and NPAT of VND 172 billion (-17% YoY) and VND 129 billion (-16% YoY) respectively, in line with our expectations with previously expected revenue and EAT of VND 175 billion and VND 129 billion.
- In 6M-2023, revenue and NPAT reached VND 334 billion (-26% YoY) and VND 242 billion (-29% YoY), respectively, fulfilling 45% and 47% of the full year forecast.
- For 2023, revenue/NPAT/EPS is forecast at VND743 billion (-13% YoY)/526 billion (-19% YoY)/VND5,220. For 2024, revenue/NPAT/EPS is forecast at VND817 billion (+10% YoY)/579 billion (+10% YoY)/VND5,790.
- We adjust the TP for SCS to VND 75,000/share as we begin to incorporate 2024F net profit into our valuation model and reflect the recovery outlook in trade flows and SCS’s air cargo throughput in next year. Combined with a 9.3% cash dividend yield, the total expected return is 17%, we reiterate the ACCUMULATE As of July 20, 2023, SCS is being traded at a P/E 2023F/24F of 14.2x/12.8x.
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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