SCS held its AGM in Ho Chi Minh City with more than 60 shareholders. Management guides for 2019 revenue of VND765bn/USD33mn (+12% YoY, 3.2% above our forecast) and 2019 PBT of VND537bn/USD23mn (+15% YoY, 2.3% above our forecast). It expects this growth to be driven by air cargo volumes from new clients it took on from mid-2018, including Japan Airlines. SCS set aside 2% and 5% of its 2018 NPAT-MI to its BOD fund and bonus and welfare fund, respectively.