- SCS released Q2 2023 results with revenue and NPAT declining 17% YoY and 16% YoY, respectively.

 - H1 2023 results are in line with our expectation and the preliminary results announced at SCS’s AGM. Specifically, SCS’s H1 2023 revenue and NPAT complete 44% and 48% of our respective full-year forecasts. We see no potential changes to our forecasts, pending a fuller review.

- H1 2023 international cargo volume slumped 36% YoY, but it edged up 8% QoQ in Q2 2023. While domestic cargo volume jumped 20% YoY in H1 2023, it could not compensate for the drop in international cargo volume. We expect a gradual recovery in trade activities going forward — especially for Vietnam’s electronics exports.

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