- SCS announced Q3 2022 results with revenue increasing 17% YoY to VND201bn (USD8.2mn) and NPAT-MI rising 23% YoY to VND148bn (USD6.0mn). 

- In Q3 2022, SCS’s total cargo volume increased 16% YoY, with international cargo volume advancing 11% YoY to 40,000 tonnes and domestic cargo volume surging 41% YoY to 10,888 tonnes. Meanwhile, SCS’s average service price (ASP) remained flat YoY in Q3 2022. We note that Q3 2021 was an abnormally low base for cargo volume due to strict COVID-related restrictions in HCMC.

- In 9M 2022, SCS’s revenue climbed 14% YoY to VND655bn (USD27mn) and its NPAT-MI jumped 21% YoY to VND489bn (USD20mn), representing 67% and 70% of our full-year forecasts, respectively.

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