SCS released its unaudited Q1 2019 results, which show strong revenue growth of 17% YoY to VND173bn (USD7.5mn; 23% of our 2019F) as well as NPAT-MI growth of 17% YoY to VND106bn (USD4.6mn; 23% of our 2019F). We attribute this strong top and bottom-line growth to strong international cargo volume growth, SCS’s key growth driver, which was up 16% YoY in Q1 2019. We consider these results to be broadly in line with our 2019 forecast as Q1 is typically a low season for SCS.