Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

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Sai Gon Cargo Service  / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/sai-gon-cargo-service-corp" target="_blank" data-smartkarma-citation="entities:40374:1" rel="noopener">Sai Gon Cargo Service (SCS VN)</a> reported yet another strong month of data, with cargo volumes for August 2024 up 40% YoY. YTD volumes are up 43%. </li>
<li>At this run rate, the company will comfortably beat its volume guidance of 248,000 tons for  FY24 (&gt;30% YoY). Q3FY24 will benefit from the full effect of the tariff hikes.</li>
<li>With the recent correction, the stock trades at 11.9x FY24e and has an 8% dividend yield. The company's next catalyst would be its Q3 FY24 result in November. </li>
</ul>



Sai Gon Cargo Service (SCS VN) reported yet another strong month of data, with cargo volumes for August 2024 up 40% YoY. YTD volumes are up 43%. 
At this run rate, the company will comfortably beat its volume guidance of 248,000 tons for  FY24 (&gt;30% YoY). Q3FY24 will benefit from the full effect of the tariff hikes.
With the recent correction, the stock trades at 11.9x FY24e and has an 8% dividend yield. The company's next catalyst would be its Q3 FY24 result in November. 


Saigon Cargo Services (SCS VN): August Volumes of 40% YoY, Correction Provides An Opportunity

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<li>
<a href="https://www.smartkarma.com/entities/sai-gon-cargo-service-corp" target="_blank" data-smartkarma-citation="entities:40374:1" rel="noopener">Sai Gon Cargo Service (SCS VN)</a> reported revenues/profits up 31%/30% YoY. Net cash on the balance sheet ended the quarter at 15% of market capitalization (approximately 300 mn USD). </li>
<li>Catalysts we cited in our insight <a href="https://www.smartkarma.com/insights/sai-gon-cargo-services-scs-vn-update-price-hikes-strong-q1-2024-operational-numbers" target="_blank" data-smartkarma-citation="insights:136006" rel="noopener">Sai Gon Cargo Services (SCS VN) Update: Price Hikes, Strong Q1 2024 Operational Numbers</a> are playing out, resulting in earnings upside in the future.</li>
<li>Trading at 12.5x FY24 PE and 6.8% dividend yield, this is an excellent micro-cap worth exploring for exposure to the Vietnam market. </li>
</ul>



Sai Gon Cargo Service (SCS VN) reported revenues/profits up 31%/30% YoY. Net cash on the balance sheet ended the quarter at 15% of market capitalization (approximately 300 mn USD). 
Catalysts we cited in our insight Sai Gon Cargo Services (SCS VN) Update: Price Hikes, Strong Q1 2024 Operational Numbers are playing out, resulting in earnings upside in the future.
Trading at 12.5x FY24 PE and 6.8% dividend yield, this is an excellent micro-cap worth exploring for exposure to the Vietnam market. 


Saigon Cargo Services (SCS VN): Good Q1 2024 in the Bag, More Catalyst To Come

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-gon-cargo-service-corp" target="_blank" data-smartkarma-citation="entities:40374:1" rel="noopener">Sai Gon Cargo Service (SCS VN)</a> announced an increase in its pricing (details in note) effective April 1st, with a 10% increase across most categories. </li>
<li>March cargo numbers showed a substantial 47% YoY increase, as cooperation with Qatar Airways got underway in February. Q1 FY24 numbers were up 34% YoY.</li>
<li>The stock trades at 12.5x FY24e numbers with an 8% yield, assuming a 20%YoY revenue and profit growth (and a 100% payout), with an upside to these conservative numbers.</li>
</ul>



Sai Gon Cargo Service (SCS VN) announced an increase in its pricing (details in note) effective April 1st, with a 10% increase across most categories. 
March cargo numbers showed a substantial 47% YoY increase, as cooperation with Qatar Airways got underway in February. Q1 FY24 numbers were up 34% YoY.
The stock trades at 12.5x FY24e numbers with an 8% yield, assuming a 20%YoY revenue and profit growth (and a 100% payout), with an upside to these conservative numbers.


Sai Gon Cargo Services (SCS VN) Update: Price Hikes, Strong Q1 2024 Operational Numbers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-gon-cargo-service-corp" target="_blank" data-smartkarma-citation="entities:40374:1" rel="noopener">Sai Gon Cargo Service (SCS VN)</a> is a cargo handling business, majority owned by the <a href="https://www.smartkarma.com/entities/airports-corp-of-vietnam-jsc" target="_blank" data-smartkarma-citation="entities:23702:1" rel="noopener">Airports Corporation Of Viet Nam (ACV VN) and </a><a href="https://www.smartkarma.com/entities/gemadept-corp" target="_blank" data-smartkarma-citation="entities:22695:1" rel="noopener">Gemadept Corp (GMD VN)</a> .  </li>
<li>Net cash (16% of market cap), trading at 11.5x FY24e PE, with ~7% dividend yield (assuming 80% payout ratio), &gt;75% EBITDA margins/&gt;70% net margins, and 5 Yr Avg-ROEs  &gt;40%. </li>
<li>We see long-term structural growth drivers with the construction of the <a href="https://en.wikipedia.org/wiki/Long_Thanh_International_Airport" target="_blank" rel="noopener">Long Thanh Airport</a>, and in the short term, we see an impending cargo volume recovery.</li>
</ul>



Sai Gon Cargo Service (SCS VN) is a cargo handling business, majority owned by the Airports Corporation Of Viet Nam (ACV VN) and Gemadept Corp (GMD VN) .  
Net cash (16% of market cap), trading at 11.5x FY24e PE, with ~7% dividend yield (assuming 80% payout ratio), &gt;75% EBITDA margins/&gt;70% net margins, and 5 Yr Avg-ROEs  &gt;40%. 
We see long-term structural growth drivers with the construction of the Long Thanh Airport, and in the short term, we see an impending cargo volume recovery.


Sai Gon Cargo Service (SCS VN): 11.5x FY24e PE, ~7% Dividend Yield, >70% Net Margin Business

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<li>In December 2024, cargo volumes rose 32.5% YoY and 3.8% MoM. Q4 volumes grew 37% YoY, reaching 73,070 tons, while FY24 volumes exceeded guidance at 267,368 tons, up 41% YoY.</li>
<li>In FY24, revenues rose 47% YoY, and profits grew 39% YoY, driven by increased cargo volumes. The company will soon release its FY25 guidance, after which we'll update our estimates.</li>
<li>The stock is priced at 10.7xFY24 PE. Its 5-year average ROE is&gt;50%, and its dividend yield is 6.9%. Once the annual report is released, we will follow up with updates.</li>
</ul>


In December 2024, cargo volumes rose 32.5% YoY and 3.8% MoM. Q4 volumes grew 37% YoY, reaching 73,070 tons, while FY24 volumes exceeded guidance at 267,368 tons, up 41% YoY.
In FY24, revenues rose 47% YoY, and profits grew 39% YoY, driven by increased cargo volumes. The company will soon release its FY25 guidance, after which we'll update our estimates.
The stock is priced at 10.7xFY24 PE. Its 5-year average ROE is&gt;50%, and its dividend yield is 6.9%. Once the annual report is released, we will follow up with updates.


Saigon Cargo Services (SCS VN): Q4 2024 And FY24 Analysis, Updates and More

Vietnam

Sai Gon Cargo Service Corporation (SCSC) provides air transportation services. The Company offers cargo handling, supply packaging, air freight, storage, and warehousing services, as well as elevating transfer vehicles, material handling systems, x-ray scanner, pallet, forklift, and other equipment. SCSC serves customers worldwide.

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Sai Gon Cargo Service (SCS VN)

Saigon Cargo Services (SCS VN): August Volumes of 40% YoY, Correction Provides An Opportunity

We provide an update on Saigon Cargo Services (SCS VN) volumes. Trading at 11.9x FY24 PE, net cash, with an 8% dividend yield and ROEs consistently...

Sameer Taneja

Saigon Cargo Services (SCS VN): Good Q1 2024 in the Bag, More Catalyst To Come

We review the Q1 FY24 earnings for Saigon Cargo Svcs.Trading at 12.5x PE with 15% of the market cap in cash and a 6.8% dividend yield with 40+%...

Sameer Taneja

Sai Gon Cargo Services (SCS VN) Update: Price Hikes, Strong Q1 2024 Operational Numbers

We provide a recent update on Saigon Cargo Services, which recently effected price hikes on its service charges, a new customer, and strong Q1 FY24...

Sameer Taneja