SCS [OUTPERFORM +15.9%] - Long-term outlook to be more visible as LTA progresses

- We maintain our OUTPERFORM rating for SCS despite cutting our target price (TP) by 3.1% to VND99,500/share. Our lower TP is mainly due to our 0.5-ppt higher risk-free rate assumption. Meanwhile, we broadly maintain our 2022-2026F NPAT-MI forecasts. - Fo