- 2024-04-19T00:00:00
- Company Research
- SCS released its Q1 2024 results, in which revenue and NPAT surged 31% and 29% YoY, achieving 21% and 20% of our respective full-year forecasts. We see no significant changes to our forecast, pending a fuller review.
- As SCS began working with Qatar Airlines in February 2024 and heightened sea shipping costs encouraged air shipping, SCS’s international cargo volume jumped 39% YoY.
- Domestic volume also increased 23% YoY as the economy has been recovering and Vietjet Air – SCS’s client – gained market share from Vietnam Airlines – not a client of
- SCS’s ASP edged down 2% YoY as SCS offered favorable prices to attract new clients.
- GPM hit 79.0% and OPM 72.5%, slightly ahead of our expectations. However, NPM was only in line with our expectation as we underestimated CIT.
SCS’s Q1 2024 results
VND bn | Q1 2023 | Q4 2022 | Q1 2024 | YoY | Q1 2024/ 2024F | 2024F |
Int’l cargo volume | 30,683 | 39,173 | 42,632 | 39% | 22% | 193,325 |
Domestic cargo volume | 12,838 | 14,241 | 15,800 | 23% | 27% | 57,991 |
Total cargo volume | 43,521 | 53,414 | 58,432 | 34% | 23% | 251,316 |
Average service price (VND/kg) | 3,425 | 3,380 | 3,367 | -2% | 88% | 3,826 |
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Revenue | 162 | 199 | 213 | 31% | 21% | 1,021 |
Air cargo terminal | 149 | 181 | 197 | 32% | 20% | 961 |
Others | 13 | 13 | 16 | 23% | 27% | 59 |
Gross Profit | 123 | 144 | 168 | 37% | 21% | 807 |
SG&A | 12 | 16 | 14 | 13% | 21% | 67 |
Operating Profit | 110 | 128 | 154 | 40% | 21% | 740 |
Financial income | 20 | 19 | 15 | -26% | 17% | 85 |
PBT | 129 | 146 | 168 | 30% | 20% | 823 |
NPAT | 113 | 146 | 147 | 30% | 20% | 737 |
GPM | 75.7% | 72.6% | 79.1% |
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| 79.0% |
SG&A/Revenue | 7.6% | 8.0% | 6.6% |
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| 6.6% |
OPM | 68.1% | 64.6% | 72.5% |
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| 72.5% |
NPM | 69.9% | 73.5% | 69.2% |
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| 72.2% |
Source: SCS, Vietcap forecast
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