SCS [BUY +51.8%] - Solid long-term player facing short-term headwinds - Update
  • 2020-02-07T20:20:32
  • Company Research
We reiterate our BUY rating for SCS but cut our target price (TP) by 8% to VND171,600/share as we revise down our 2020F/2021F/2022F NPAT-MI forecasts by 7.0%/3.8%/4.3%; this downward revision mainly reflects the negative impact from the coronavirus outbreak in China. We forecast 2020 revenue growth of 5.9% YoY to VND792bn (USD34mn) and NPAT-MI growth of 7.6% YoY to VND541bn (USD23mn), mainly driven by 2.1% international cargo volume YoY growth and YoY NPM expansion of 1.1 ppt.