SCS – The recovery of international cargo volume helped the company regain its growth momentum
• Revenue and NPAT reached VND 311 billion (+7% QoQ, +17% YoY) and VND 204 billion (+8% QoQ, +10% YoY), respectively. The company’s performance regained growth momentum in Q3-FY25, supported by the recovery of international cargo volume during the peak season and the easing of geopolitical tensions in the Middle East.• Profitability ratios remained stable at high levels during Q3-FY25. The gross margin stayed resilient at 80% (-1.1 pps QoQ, -0.6 pps YoY). The SG&A/revenue ratio was well-controlled at 5.2% (-0.4 pps QoQ, +0.1 pps YoY). The net profit margin stood at 64.8% (+1 pps QoQ, -7 pps YoY). The YoY contraction in net margin mainly reflected the expiration of SCS’s preferential corporate income tax rate.
• In October 2025, SCS’s share price experienced a short-term correction following news that Vietnam Airlines was selected as the investor of Cargo Terminal No. 2 at Long Thanh International Airport. However, we believe this development does not materially alter SCS’s long-term outlook, as the company’s strategic focus is on becoming the operator of Cargo Terminal No. 1. Moreover, there has been no official announcement regarding the selection of the operating entity for this terminal. We maintain a OBSERVE recommendation on SCS.
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