- Viconship JSC (HOSE: VSC) is one of the biggest port operators in Hai Phong city.
- Despite a slight increase of 4.5% YoY in 9M 2023 revenue, 9M 2023 NPAT-MI fell sharply by 69.2% YoY, which was primarily driven by high interest expense and losses from associates.
- We believe VSC’s recent investments in expanding its port operations should have a short-term negative impact on VSC’s earnings given the low utilization rate during the first years of operation and high interest burden.