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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<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 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>
</ul>



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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

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<a href="https://www.smartkarma.com/entities/fpt-corp" target="_blank" data-smartkarma-citation="entities:4290:1" rel="noopener">FPT Corp,</a><a href="https://www.smartkarma.com/entities/vietnam-airlines-jsc" target="_blank" data-smartkarma-citation="entities:24134:1" rel="noopener">Vietnam Airlines Jsc</a>, <a href="https://www.smartkarma.com/entities/saigon-thuong-tin-commercial-joint-stock-bank-sacombank" target="_blank" data-smartkarma-citation="entities:650:1" rel="noopener">Sacombank</a> and Gelex Electricity Jsc will be added to the MarketVector Vietnam Local Index at the close on 19 September.</li>
<li>Estimated one-way turnover is 9.5% and that results in a round-trip trade of US$112m. There are a couple of stocks with more than 1x ADV to buy from passives.</li>
<li>The largest passive inflow will be in <a href="https://www.smartkarma.com/entities/masan-group-corp" target="_blank" data-smartkarma-citation="entities:23075:1" rel="noopener">Masan Group (MSN VN)</a> following a large increase in the free float for the stock.</li>
</ul>



FPT Corp,Vietnam Airlines Jsc, Sacombank and Gelex Electricity Jsc will be added to the MarketVector Vietnam Local Index at the close on 19 September.
Estimated one-way turnover is 9.5% and that results in a round-trip trade of US$112m. There are a couple of stocks with more than 1x ADV to buy from passives.
The largest passive inflow will be in Masan Group (MSN VN) following a large increase in the free float for the stock.


MarketVector Vietnam Local Index Rebalance: 4 Adds; 9.5% Turnover; US$112m Trade

External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>We raise our target price (TP) for HVN to VND37,100/share and upgrade our rating to OUTPERFORM from MARKET PERFORM.</li><li>Our higher TP reflects (1) our 28x/10x higher 2025F/2026F NPAT-MI forecasts, following an earlier-than-expected earnings turnaround in 2024 (vs our previous expectation of 2025) and stronger-than-expected Q1 2025 results, supported by stronger-than-expected demand and lower-than-expected oil prices, and (2) the effect of rolling our TP horizon to mid-2026.</li><li>We forecast 2025F NPAT-MI to grow 24.6% YoY</li></ul><p><em>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.</em></p>

We raise our target price (TP) for HVN to VND37,100/share and upgrade our rating to OUTPERFORM from MARKET PERFORM.Our higher TP reflects (1) our 28x/10x higher 2025F/2026F NPAT-MI forecasts, following an earlier-than-expected earnings turnaround in 2024 (vs our previous expectation of 2025) and stronger-than-expected Q1 2025 results, supported by stronger-than-expected demand and lower-than-expected oil prices, and (2) the effect of rolling our TP horizon to mid-2026.We forecast 2025F NPAT-MI to grow 24.6% YoYContent 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.

HVN - Strong 2025F Earnings on High Pax Yields, Low Fuel Prices

Vietnam

Vietnam Airlines is the flag carrier of Vietnam, providing passenger and cargo air transportation services across an extensive domestic and international network. The airline operates a modern fleet with different cabin classes and offers ancillary services such as catering and aircraft maintenance through its subsidiaries. It is headquartered in Long Biên district, Hanoi, and was founded in 1956.

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Vietnam Airlines (HVN VN)

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

Sai Gon Cargo Services ended 2025 on a solid note, with revenues/profits up15%/9% YoY. Metrics of 10% dividend yield, >50% ROCE, and 30% of mkt cap...

Sameer Taneja

MarketVector Vietnam Local Index Rebalance: 4 Adds; 9.5% Turnover; US$112m Trade

FPT Group, Vietnam Airlines, Sacombank, Gelex Electricity will be added to the index. Big float increase for Gelex Elec. Estimated one-way turnover...

Brian Freitas

HVN - Strong 2025F Earnings on High Pax Yields, Low Fuel Prices

Our higher TP reflects (1) our 28x/10x higher 2025F/2026F NPAT-MI forecasts, following an earlier-than-expected earnings turnaround in 2024 (vs our...

Vietcap

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