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

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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 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>
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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

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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> 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>
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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

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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> 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>
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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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<a href="https://smartkarma.com/entities/sai-gon-cargo-service-corp">Sai Gon Cargo Service </a>(SCS) is a highly profitable air cargo terminal operator with a dominant market position at Tan Son Nhat International Airport (SGN), delivering strong margins and a high dividend yield.</li>
  <li>The company faces a significant long-term structural threat from the phased opening of Long Thanh International Airport (LTH), expected to commence operations in mid-2026, which will likely divert a substantial portion of international cargo volume from SGN.</li>
  <li>While near-term financial performance remains robust, the uncertainty surrounding SCS's potential role at LTH and the inevitable increase in competition creates a high-risk, high-reward scenario, with the stock's valuation reflecting a deep discount for this future overhang.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Sai Gon Cargo Service (SCS) is a highly profitable air cargo terminal operator with a dominant market position at Tan Son Nhat International Airport (SGN), delivering strong margins and a high dividend yield.
  The company faces a significant long-term structural threat from the phased opening of Long Thanh International Airport (LTH), expected to commence operations in mid-2026, which will likely divert a substantial portion of international cargo volume from SGN.
  While near-term financial performance remains robust, the uncertainty surrounding SCS's potential role at LTH and the inevitable increase in competition creates a high-risk, high-reward scenario, with the stock's valuation reflecting a deep discount for this future overhang.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Sai Gon Cargo Service  (SCS VN) - Apr 2026

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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> experienced a solid finish to Q4FY25 with 11.5%/10.%YoY revenue/profit growth. For FY25, revenue/profit growth was 15.4%/8.4%YoY.</li>
<li>The stock trades at a 6.7x PE, a 10% dividend yield, a &gt;50% ROCE, and more than 30% of its market cap in cash. </li>
<li>The company faces ongoing risk from potential volume migration to Long Thanh Airport Terminal 1, slated to begin operations in late 2026 and Terminal 2 in 2027-28.</li>
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Sai Gon Cargo Service (SCS VN) experienced a solid finish to Q4FY25 with 11.5%/10.%YoY revenue/profit growth. For FY25, revenue/profit growth was 15.4%/8.4%YoY.
The stock trades at a 6.7x PE, a 10% dividend yield, a &gt;50% ROCE, and more than 30% of its market cap in cash. 
The company faces ongoing risk from potential volume migration to Long Thanh Airport Terminal 1, slated to begin operations in late 2026 and Terminal 2 in 2027-28.


Sai Gon Cargo Service (SCS VN): 6.7x PE, 10% Dividend Yield, >50% ROCE, But LT Overhang Remains

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)

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