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.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>Q2 FY26 revenue fell 4.3% YoY to VND 279bn as tonnage dropped 7.7%, partly offset by a 3.3% rise in terminal revenue per ton.</li>
<li>Operating margin held at 74.3% and net margin rose to 67.1%, helped by lower G&amp;A and a 63% jump in financial income.</li>
<li>Stock trades at 5.3x FY25a and 5.5x FY26e PE on a 11.7% yield and 46% ROCE, with a VND 43,500 price.</li>
</ul>


Q2 FY26 revenue fell 4.3% YoY to VND 279bn as tonnage dropped 7.7%, partly offset by a 3.3% rise in terminal revenue per ton.
Operating margin held at 74.3% and net margin rose to 67.1%, helped by lower G&amp;A and a 63% jump in financial income.
Stock trades at 5.3x FY25a and 5.5x FY26e PE on a 11.7% yield and 46% ROCE, with a VND 43,500 price.


Sai Gon Cargo Service (SCS VN) Q2 FY26: Volumes Down 8%, Net Margin 67%, Net Cash 40% Of Mkt Cap

<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> reported a solid set of Q2 2024 numbers, with revenue up 53.2% YoY and profits up 46.8% YoY. </li>
<li>Volumes were up 50% YoY, and the balance revenue growth was from recent tariff hikes (<em> <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></em> )</li>
<li>The stock trades at 13x FY24e PE and a 7.5% dividend yield with upside from the current earnings trajectory. Finding 80% EBITDA operators with &gt;40% ROE is rare.</li>
</ul>



Sai Gon Cargo Service (SCS VN) reported a solid set of Q2 2024 numbers, with revenue up 53.2% YoY and profits up 46.8% YoY. 
Volumes were up 50% YoY, and the balance revenue growth was from recent tariff hikes ( Sai Gon Cargo Services (SCS VN) Update: Price Hikes, Strong Q1 2024 Operational Numbers )
The stock trades at 13x FY24e PE and a 7.5% dividend yield with upside from the current earnings trajectory. Finding 80% EBITDA operators with &gt;40% ROE is rare.


Sai Gon Cargo Service (SCS VN): Strong Q2 2024, 8% Dividend Yield, >40% ROEs, Net Cash

<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> experienced a robust start to Q4 with October volumes up 8.8% YoY (led by international volume growth of 16% YoY). </li>
<li>On the 9MFY25 trajectory, despite the increase in corporate tax from 11% to 20%, the company will still achieve 5-6% YoY earnings growth, placing it at 7.2x PE FY25e.</li>
<li>The company faces ongoing risk from potential volume migration to Long Thanh Airport Terminal 2, slated to begin operations in early 2027, which is expected to divert international cargo.</li>
</ul>



Sai Gon Cargo Service (SCS VN) experienced a robust start to Q4 with October volumes up 8.8% YoY (led by international volume growth of 16% YoY). 
On the 9MFY25 trajectory, despite the increase in corporate tax from 11% to 20%, the company will still achieve 5-6% YoY earnings growth, placing it at 7.2x PE FY25e.
The company faces ongoing risk from potential volume migration to Long Thanh Airport Terminal 2, slated to begin operations in early 2027, which is expected to divert international cargo.


Sai Gon Cargo Service (SCS VN): Robust Start To Q4, 7.2x PE/11% Dividend Yield/Net Cash/50% ROCE

<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> reported flat earnings for Q2 FY25, with operating margins/net margins at 75%/65% and ROCEs topping 50%. </li>
<li>The tariff increases (16% YoY) offset the degrowth in volumes (-5%YoY) and the increase in effective taxation (from 11% to 20%). </li>
<li>Based on management guidance, the stock trades at 9.3x FY25 PE, with an 8.6% dividend yield</li>
</ul>



Sai Gon Cargo Service (SCS VN) reported flat earnings for Q2 FY25, with operating margins/net margins at 75%/65% and ROCEs topping 50%. 
The tariff increases (16% YoY) offset the degrowth in volumes (-5%YoY) and the increase in effective taxation (from 11% to 20%). 
Based on management guidance, the stock trades at 9.3x FY25 PE, with an 8.6% dividend yield


Sai Gon Cargo Service (SCS VN) Q2 FY25: Maintaining 75% Operating Margins and 50% ROCEs

<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>  reported a solid set of Q1 2025 numbers, with revenue up 25% YoY and profits up 15% YoY.</li>
<li>Volumes were up 10% YoY, and the balance revenue growth was from recent tariff hikes.  </li>
<li>The stock trades at 8.0/7.6x FY24/25e PE and a 10% dividend yield (22% of market cap in cash), as trade wars remain an overhang on it. </li>
</ul>



Sai Gon Cargo Service (SCS VN)  reported a solid set of Q1 2025 numbers, with revenue up 25% YoY and profits up 15% YoY.
Volumes were up 10% YoY, and the balance revenue growth was from recent tariff hikes.  
The stock trades at 8.0/7.6x FY24/25e PE and a 10% dividend yield (22% of market cap in cash), as trade wars remain an overhang on it. 


Saigon Cargo Services Solid Q1 2025: 75% Operating Margin and 45% ROCE Intact

Vietnam

Saigon Cargo Service Corporation is a Vietnam-based company primarily engaged in the ground freight and logistics sector, operating air cargo terminals and providing related services such as forwarding, loading, unloading, and leasing of offices and parking lots. The company also offers aviation ground, vocational training, and storage services. It is headquartered in Ho Chi Minh City, Vietnam, and was established in 2008.

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Saigon Cargo Service (SCS VN)