- SCS released its Q3 2023 results, that are on par with its Q2 2023 results. On a YoY basis, Q3 2023 revenue and NPAT each declined by 15%.

- SCS’s 9M 2023 revenue and NPAT are in line with our expectations, fulfilling 67% and 73% of our respective full-year forecasts. We see insignificant changes to our forecasts, pending a more comprehensive review.

- International cargo volume: 9M 2023 slumped 30% YoY but Q3 2023 edged up 5% QoQ.

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