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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><p><em>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.</em></p>

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

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

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