SCS released its Q1 2020 results with revenue up 6.3% YoY to VND184bn (USD7.9mn) and NPAT-MI up 8.6% YoY to VND121bn (USD5.2mn). The solid NPAT-MI growth was mainly driven by 6.7% YoY growth in international cargo volume (SCS’s main earnings driver) and a 1.4-ppt YoY expansion of NPM in Q1 2020. SCS’s Q1 2020 revenue and NPAT-MI completed 23.2% and 22.5% of our respective full-year forecasts. These results were above our expectation as we assume low growth in SCS’s cargo volume in H1 2020