VSC- Long-run Outlook Remains Positive
​“ VSC’s YoY slump in Q3 2016 and 9M2016 earnings was anticipated in our April initial report, given last year’s extraordinary profit recognition from refrigerated cargo (reefer) in the same period. In the short run, VSC’s earnings growth could be slower than expected. VIP Greenport’s higher cargo throughput makes up somewhat for Greenport’s projected decline amid rising seaport supply in Hai Phong, and the new cargo source from FDI invested projects will take time to kick in.
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