VSC – Persistent difficulties
- In 1H2023, VSC’s container throughput reached 460 thousand TEU (-3% YoY), in which the volume of VIP Green, Green, and Nam Hai Dinh Vu (NHDV) ports were 302 thousand TEU (-9% YoY), 140 thousand TEU (-3% YoY), and 18 thousand TEU, respectively. The total number of calls reached 320, 19 fewer than the SPLY.
- In 1H2023, net revenue and PBT were VND 998 billion (+2% YoY) and VND 105 billion (-61% YoY), respectively, completing 44%/47% of the 2023 plan, and 48%/47% of our forecast.
- For 2023, forecast VSC's container throughput (excluding NHDV port) will be 922 thousand TEUs (-3% YoY), the decline is expected to slow down because of the expectation that intra-Asia trade demand will gradually recover. We adjusted the revenue to VND 2,062 billion (+3% YoY) because the container handling service charges improved and adjusted down the NPATMI due to consecutive new investment projects such as ICD QBS, VIMC Dinh Vu, NHDV operating inefficiently and interest expenses increasing rapidly.
- We use the FCFF method (WACC: 10%, g: 1%) and EV/EBITDA (@ EV/EBITDA 10.4x), we recommend to ACCUMULATE at the target price of VND 29,700 per share.
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.
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.
RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.