External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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<ul><li>We downgrade our rating for SCS to MARKET PERFORM from OUTPERFORM, cutting our target price (TP) by 24% to VND51,200/share.</li><li>In this Update Report, we roll our TP horizon forward to end-2026.</li><li>Our lower TP reflects 6%/13% cuts to our 2029/30F NPAT-MI forecasts, while 2026–28F NPAT-MI remains broadly unchanged. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We downgrade our rating for SCS to MARKET PERFORM from OUTPERFORM, cutting our target price (TP) by 24% to VND51,200/share.In this Update Report, we roll our TP horizon forward to end-2026.Our lower TP reflects 6%/13% cuts to our 2029/30F NPAT-MI forecasts, while 2026–28F NPAT-MI remains broadly unchanged. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SCS [MARKET PERFORM +6.8%] - LTH Launch to Hit Earnings as Yield Offers Near-Term Buffer

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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<ul><li>In Q2-FY25, SCS recorded revenue of VND 292 billion (+10% YoY) and NPAT of VND 189 billion (flat YoY).</li><li>Revenue growth was driven by a shift in the mix of international and domestic cargo, leading to an approximate 16% YoY increase in average service prices.</li><li>However, NPAT growth did not align with revenue due to the expiration of CIT incentives. Starting in 2025, SCS will be subject to a 20% CIT rate (previously exempt for four years, with a 50% tax reduction for the subsequent nine years). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q2-FY25, SCS recorded revenue of VND 292 billion (+10% YoY) and NPAT of VND 189 billion (flat YoY).Revenue growth was driven by a shift in the mix of international and domestic cargo, leading to an approximate 16% YoY increase in average service prices.However, NPAT growth did not align with revenue due to the expiration of CIT incentives. Starting in 2025, SCS will be subject to a 20% CIT rate (previously exempt for four years, with a 50% tax reduction for the subsequent nine years). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SAI GON CARGO SERVICE CORPORATION (SCS) - Stable Operations with No Major Fluctuations

<ul><li>We downgrade our rating for SCS to MARKET PERFORM from OUTPERFORM as we cut our target price (TP) by 25%. SCS’s share price has dropped by 10% over the last five months. </li><li>Our lower TP is mostly due to the removal of our assumption for SCS’s 20% stake in Long Thanh International Airport’s cargo terminal No. 1 (LTA-C1) which results in 14%/23%/32% cuts to our 2027/28/29F NPAT-MI.</li><li>This outweighs 11%/8%/2% higher 2024/25/26F NPAT-MI</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We downgrade our rating for SCS to MARKET PERFORM from OUTPERFORM as we cut our target price (TP) by 25%. SCS’s share price has dropped by 10% over the last five months. Our lower TP is mostly due to the removal of our assumption for SCS’s 20% stake in Long Thanh International Airport’s cargo terminal No. 1 (LTA-C1) which results in 14%/23%/32% cuts to our 2027/28/29F NPAT-MI.This outweighs 11%/8%/2% higher 2024/25/26F NPAT-MIContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SCS VN - Cutting Assumed Contribution from LTA-C1, High Cash DPS

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)

SCS [MARKET PERFORM +6.8%] - LTH Launch to Hit Earnings as Yield Offers Near-Term Buffer

We downgrade our rating for SCS to MARKET PERFORM from OUTPERFORM, cutting our target price (TP) by 24% to VND51,200/share.

Vietcap

SAI GON CARGO SERVICE CORPORATION (SCS) - Stable Operations with No Major Fluctuations

Revenue growth was driven by a shift in the mix of international and domestic cargo, leading to an approximate 16% YoY increase in average service...

Rong Viet Securities

SCS VN - Cutting Assumed Contribution from LTA-C1, High Cash DPS

We downgrade our rating for SCS to MARKET PERFORM from OUTPERFORM as we cut our target price (TP) by 25%. SCS’s share price has dropped by 10% over...

Vietcap

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