SCS – Raise TP to VND 95,600. Reiterate BUY recommendation.
- We have adjusted the target price for SCS to 95,600 VND, up 6% from the latest TP, implying an expected total return (including a cash dividend of 5,000 VND/share) of 36% as of April 3rd, 2024. We reiterate a BUY recommendation for SCS.
- The volume of international cargo has shown robust growth following collaboration with Qatar Airways. International volume in Q1/24 is estimated to reach nearly 43 thousand tons (+40% YoY), while domestic volume reaches 15.8 thousand tons (+23% YoY).
- For the year 2024, projected revenue and net profit after tax (NPAT) are VND 974 billion (+38% YoY) and VND 659 billion (+32% YoY), respectively. The forecasted EPS for 2024F is 6,300 VND.
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