- 2024-07-22T00:00:00
- Company Research
SCS announced its H1 2024 results with net revenue of VND477bn (USD18.7mn; +43% YoY; 49% of our 2024F forecast) and NPAT-MI of VND337bn (USD13.2mn; +39% YoY; 51% of our 2024F forecast). In Q2, net revenue was VND264bn (USD10.4mn; +53% YoY; +24% QoQ) and NPAT-MI was VND147bn (USD5.8mn; +47% YoY; +29% QoQ).
Upbeat volume recovery driven by a rebound in trading activities and the new contribution from Qatar Airways, in line with our expectation: In H1 2024, total cargo volume was 128,700 tonnes (+43% YoY; 52% of 2024G’s guidance; 47% of our 2024F forecast), in which international cargo volume made up 95,600 tonnes (+50% YoY; 50% of 2024G’s guidance; 46% of our 2024F forecast) and domestic cargo made up 33,100 tonnes (+24% YoY; 57% of 2024G’s guidance; 48% of our current forecast). We believe these results are in line with our current projections as we expect trading activities to be stronger in H2 vs H1 2024.
H1 2024 ASP recovered 1% YoY, slightly ahead of our forecast: H1 2024 ASP grew 1% YoY due to a 3% YoY increase in ASP in Q2 2024, vs -2% YoY in Q1 2024, leading to H1 2024 GPM expanding to 79.9% from 76.9% in H2 2023. These results track slightly ahead of our current expectations for a 3% YoY full-year ASP decline and 76.3% GPM for 2024F. Consequently, H1 2024 NPAT-MI tracked slightly ahead of our projection, fulfilling 51% of 2024F forecast.
As the NPAT-MI result in H1 2024 NPAT-MI is slightly ahead of our expectation, mostly due to a stronger-than-expected ASP recovery, we foresee slight upside potential to our current GPM and NPAT-MI forecasts.
SCS’s H1 2024 results
Q2 2023 | Q1 2024 | Q2 2024 | QoQ | YoY | H1 2023 | H1 2024 | YoY | 2024F | H1 vs 2024F | |||||||
Cargo volume (tons) | 46,749 | 58,432 | 70,298 | 20% | 50% | 90,270 | 128,730 | 43% | 274,200 | 47% | ||||||
International | 32,875 | 42,632 | 53,005 | 24% | 61% | 63,558 | 95,637 | 50% | 205,665 | 47% | ||||||
Domestic | 13,874 | 15,800 | 17,293 | 9% | 25% | 26,712 | 33,093 | 24% | 68,535 | 48% | ||||||
ASP (VND/Kg) | 3,400 | 3,367 | 3,515 | 4% | 3% | 3,412 | 3,448 | 1% | 3,298 | 105% | ||||||
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Net revenue | 172 | 213 | 264 | 24% | 53% | 334 | 477 | 43% | 969 | 49% | ||||||
Air cargo terminal | 159 | 197 | 247 | 26% | 55% | 308 | 444 | 44% | 904 | 49% | ||||||
Others | 13 | 16 | 17 | 6% | 27% | 26 | 33 | 25% | 64 | 52% | ||||||
Gross Profit | 134 | 168 | 213 | 26% | 58% | 257 | 381 | 48% | 739 | 52% | ||||||
SG&A | 11 | 14 | 13 | -4% | 18% | 24 | 27 | 15% | 69 | 39% | ||||||
Operating Profit | 123 | 154 | 199 | 29% | 62% | 233 | 354 | 52% | 670 | 53% | ||||||
Financial income | 25 | 15 | 15 | 0% | -42% | 45 | 29 | -35% | 63 | 46% | ||||||
PBT | 147 | 168 | 213 | 27% | 45% | 277 | 381 | 38% | 731 | 52% | ||||||
CIT | 18 | 21 | 24 | 14% | 30% | 34 | 45 | 30% | 77 | 58% | ||||||
NPAT-MI | 129 | 147 | 190 | 29% | 47% | 242 | 337 | 39% | 654 | 51% | ||||||
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GPM | 78.0% | 79.1% | 80.6% | 76.9% | 79.9% | 76.3% | ||||||||||
SG&A | 6.6% | 6.6% | 5.1% | 7.1% | 5.7% | 7.2% | ||||||||||
OPM | 71.4% | 72.5% | 75.5% | 69.8% | 74.2% | 69.2% | ||||||||||
NPM | 74.9% | 69.2% | 71.8% | 72.5% | 70.6% | 67.6% | ||||||||||
Source: SCS, Vietcap
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