Vietnam Container Shipping Corporation – Outperform (VSC : HSX – Transportation Services)

Vietnam Container Shipping Corporation – Outperform (VSC : HSX – Transportation Services)

 

  • Vietnam Container Shipping Corporation (VSC; Outperform) announced their unaudited 9M-FY2018 results showing net sales of VND 1,244 billion (+29.8% y/y), EBT of VND 288 billion (+33.0% y/y) and a NPAT of VND 261 billion (+37.1% y/y).
  • It enables the company to fulfill 92.1% of its sales target and 102.5% of its EBT target.
  • Topline was driven by growth of 31.2% in volume throughout.
  • For FY2018, HSC revises up and now calls for growth of 32.4% y/y in net sales and 36.2% y/y in NPAT.
  • For next year, HSC forecasts growth of 7.8% y/y in net sales and 9.1% y/y in NPAT.
  • HSC raises our fair value from VND 45,000 to VND 50,000 per share giving us a PE 8.8xs as we have revised up our EPS forecast by 11%.
  • Reiterate Outperform.  

 

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