SCS [BUY +24.0%] - Further margin expansion expected from tax change - Update
  • 09 Aug 2019
  • Company Research
We upgrade our rating on SCS to BUY from OUTPERFORM as we revise up our target price (TP) 2.6% to VND186,700/share. The stock has also fallen 3% over the last three months. Our higher TP mainly reflects our higher NPM assumption of 68%-77% from 63%-75% ov