Analyst Pin-board VSC – Earnings Growth to Rely Mostly on Streamlining Costs
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· In Oct 2021, VSC’s revenue was VND 156 Bn, up 13.8% YoY and PBT 45 Bn, growing by 42% YoY. 10M 2021 revenue and PBT respectively amounted to VND 1,541 Bn (+ 12.7% YoY) and VND 403 Bn (+ 48.6% YoY). · We attribute the solid growth of PBT to streamlining operating costs through scaling down outsourcing activities, which, we believe, was better managed following the participation of new major shareholder group recently. · We expect continued profit margin expansion to drive NPAT to reach VND 355 Bn (+47.6% YoY)/ VND 410 Bn (+17.5% YoY) in 2021F/22F. However, limited headroom in capacity of VIP Green and Green Port and the likelihood of incurring loss from VIMC Dinh Vu in the early phase of operation remain hindrances for earning growth with 3Y CAGR 2021F-24F projected to be at 6%. |
Vietnam Container Shipping Joint Stock Co. Vietnam Container Shipping Joint Stock Corporation, formerly Vietnam Container Shipping Joint Stock Company, is a Vietnam-based provider of marine port services. It is involved in the operations of ports, container terminals and warehouses, as well as the provision of cargo handling services and container services. The Company also offers freight forwarding services, vessel chartering services, marine brokerage services, inland logistics services and customs clearance services. Other activities include multimodal freight transportation, container manufacturing and the merchandise of petroleum and industrial supplies. As of December 31, 2012, it was a subsidiary of Vietnam Container Shipping Corporation, and it had six wholly owned subsidiaries, one joint ventures and two affiliates. Effective July 18, 2013, the Company has changed its name to Vietnam Container Shipping Joint Stock Corporation from Vietnam Container Shipping Joint Stock Company.
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