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Equity Bottom-Up

Sai Gon Cargo Service  / Equity Bottom-Up

<ul><li>We downgrade our rating for SCS to MARKET PERFORM from OUTPERFORM as we cut our target price (TP) by 25%. SCS’s share price has dropped by 10% over the last five months. </li><li>Our lower TP is mostly due to the removal of our assumption for SCS’s 20% stake in Long Thanh International Airport’s cargo terminal No. 1 (LTA-C1) which results in 14%/23%/32% cuts to our 2027/28/29F NPAT-MI.</li><li>This outweighs 11%/8%/2% higher 2024/25/26F NPAT-MI</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We downgrade our rating for SCS to MARKET PERFORM from OUTPERFORM as we cut our target price (TP) by 25%. SCS’s share price has dropped by 10% over the last five months. Our lower TP is mostly due to the removal of our assumption for SCS’s 20% stake in Long Thanh International Airport’s cargo terminal No. 1 (LTA-C1) which results in 14%/23%/32% cuts to our 2027/28/29F NPAT-MI.This outweighs 11%/8%/2% higher 2024/25/26F NPAT-MIContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SCS VN - Cutting Assumed Contribution from LTA-C1, High Cash DPS

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-gon-cargo-service-corp" target="_blank" data-smartkarma-citation="entities:40374:1" rel="noopener">Sai Gon Cargo Service (SCS VN)</a> reported strong September numbers, with cargo volumes increasing 40% YoY. </li>
<li>With the tariff hikes in effect, we expect revenues/profits to rise 45% YoY/40% YoY in Q3 2024, </li>
<li>Trading at 10.7x PE FY24 and a 9% dividend yield, we cover catalysts such as the Long Thanh airport bidding and the corporate tax change to 20% in 2025. </li>
</ul>



Sai Gon Cargo Service (SCS VN) reported strong September numbers, with cargo volumes increasing 40% YoY. 
With the tariff hikes in effect, we expect revenues/profits to rise 45% YoY/40% YoY in Q3 2024, 
Trading at 10.7x PE FY24 and a 9% dividend yield, we cover catalysts such as the Long Thanh airport bidding and the corporate tax change to 20% in 2025. 


Saigon Cargo Services (SCS VN): Q3 2024 Preview Strong As Ever

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-gon-cargo-service-corp" target="_blank" data-smartkarma-citation="entities:40374:1" rel="noopener">Sai Gon Cargo Service (SCS VN)</a> reported a solid set of Q2 2024 numbers, with revenue up 53.2% YoY and profits up 46.8% YoY. </li>
<li>Volumes were up 50% YoY, and the balance revenue growth was from recent tariff hikes ( <a href="https://www.smartkarma.com/insights/sai-gon-cargo-services-scs-vn-update-price-hikes-strong-q1-2024-operational-numbers" target="_blank" data-smartkarma-citation="insights:136006" rel="noopener">Sai Gon Cargo Services (SCS VN) Update: Price Hikes, Strong Q1 2024 Operational Numbers</a> )</li>
<li>The stock trades at 13x FY24e PE and a 7.5% dividend yield with upside from the current earnings trajectory. Finding 80% EBITDA operators with &gt;40% ROE is rare.</li>
</ul>



Sai Gon Cargo Service (SCS VN) reported a solid set of Q2 2024 numbers, with revenue up 53.2% YoY and profits up 46.8% YoY. 
Volumes were up 50% YoY, and the balance revenue growth was from recent tariff hikes ( Sai Gon Cargo Services (SCS VN) Update: Price Hikes, Strong Q1 2024 Operational Numbers )
The stock trades at 13x FY24e PE and a 7.5% dividend yield with upside from the current earnings trajectory. Finding 80% EBITDA operators with &gt;40% ROE is rare.


Sai Gon Cargo Service (SCS VN): Strong Q2 2024, 8% Dividend Yield, >40% ROEs, Net Cash

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-gon-cargo-service-corp" target="_blank" data-smartkarma-citation="entities:40374:1" rel="noopener">Sai Gon Cargo Service (SCS VN)</a> reported yet another strong month of data, with cargo volumes for August 2024 up 40% YoY. YTD volumes are up 43%. </li>
<li>At this run rate, the company will comfortably beat its volume guidance of 248,000 tons for  FY24 (&gt;30% YoY). Q3FY24 will benefit from the full effect of the tariff hikes.</li>
<li>With the recent correction, the stock trades at 11.9x FY24e and has an 8% dividend yield. The company's next catalyst would be its Q3 FY24 result in November. </li>
</ul>



Sai Gon Cargo Service (SCS VN) reported yet another strong month of data, with cargo volumes for August 2024 up 40% YoY. YTD volumes are up 43%. 
At this run rate, the company will comfortably beat its volume guidance of 248,000 tons for  FY24 (&gt;30% YoY). Q3FY24 will benefit from the full effect of the tariff hikes.
With the recent correction, the stock trades at 11.9x FY24e and has an 8% dividend yield. The company's next catalyst would be its Q3 FY24 result in November. 


Saigon Cargo Services (SCS VN): August Volumes of 40% YoY, Correction Provides An Opportunity

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-gon-cargo-service-corp" target="_blank" data-smartkarma-citation="entities:40374:1" rel="noopener">Sai Gon Cargo Service (SCS VN)</a> reported revenues/profits up 31%/30% YoY. Net cash on the balance sheet ended the quarter at 15% of market capitalization (approximately 300 mn USD). </li>
<li>Catalysts we cited in our insight <a href="https://www.smartkarma.com/insights/sai-gon-cargo-services-scs-vn-update-price-hikes-strong-q1-2024-operational-numbers" target="_blank" data-smartkarma-citation="insights:136006" rel="noopener">Sai Gon Cargo Services (SCS VN) Update: Price Hikes, Strong Q1 2024 Operational Numbers</a> are playing out, resulting in earnings upside in the future.</li>
<li>Trading at 12.5x FY24 PE and 6.8% dividend yield, this is an excellent micro-cap worth exploring for exposure to the Vietnam market. </li>
</ul>



Sai Gon Cargo Service (SCS VN) reported revenues/profits up 31%/30% YoY. Net cash on the balance sheet ended the quarter at 15% of market capitalization (approximately 300 mn USD). 
Catalysts we cited in our insight Sai Gon Cargo Services (SCS VN) Update: Price Hikes, Strong Q1 2024 Operational Numbers are playing out, resulting in earnings upside in the future.
Trading at 12.5x FY24 PE and 6.8% dividend yield, this is an excellent micro-cap worth exploring for exposure to the Vietnam market. 


Saigon Cargo Services (SCS VN): Good Q1 2024 in the Bag, More Catalyst To Come

Vietnam

Sai Gon Cargo Service Corporation (SCSC) provides air transportation services. The Company offers cargo handling, supply packaging, air freight, storage, and warehousing services, as well as elevating transfer vehicles, material handling systems, x-ray scanner, pallet, forklift, and other equipment. SCSC serves customers worldwide.

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Sai Gon Cargo Service (SCS VN)

SCS VN - Cutting Assumed Contribution from LTA-C1, High Cash DPS

We downgrade our rating for SCS to MARKET PERFORM from OUTPERFORM as we cut our target price (TP) by 25%. SCS’s share price has dropped by 10% over...

Vietcap

Saigon Cargo Services (SCS VN): Q3 2024 Preview Strong As Ever

Trading at 10.7x PE FY24 and a 9% dividend yield, we cover catalysts such as the Long Thanh airport bidding and the corporate tax change to 20% in...

Sameer Taneja