3Q2025 Results: Revenue and net profit reached VND 312 billion (+17% YoY) and VND 204 billion (+10% YoY), respectively. For 9M2025, revenue totaled VND 870 billion (+17% YoY) and net profit VND 563 billion (+8% YoY).
Total cargo volume in 3Q2025 stood at 70,820 tons (+8% YoY), driven mainly by the strong growth of international throughput at 58,790 tons (+13% YoY), while domestic volume declined by 12% YoY to 12,030 tons. The continued positive momentum in international cargo volume reflects the resilience of Vietnam’s export activities in 9M2025, as U.S. tariff measures were less severe than initially expected.
The average selling price (ASP) in 3Q2025 increased by approximately 8–9% YoY, primarily thanks to a higher contribution from international cargo—whose ASP is on average four times higher than domestic rates.
Gross margin improved by 50bps YoY, while the SG&A-to-revenue ratio continued to trend positively, declining to 4.9% (vs. 5.7% in 3Q2024). However, the net margin slightly contracted due to the expiration of SCS’s 11.2% corporate tax incentive since early 2025.
Update on Long Thanh Airport Projects
The Ministry of Construction recently appointed HVN as the investor for three cargo terminal projects at Long Thanh Airport—Terminal No. 2, the express cargo terminal, and warehouses No. 5, 6, 7, and 8. This announcement exceeded earlier expectations, particularly regarding Terminal No. 2. Consequently, SCS’s role at Long Thanh will likely be limited to operating services for ACV at Cargo Terminal No. 1.
Upon commencement in June 2026, Long Thanh Airport is expected to handle 80% of Ho Chi Minh City’s international flights and 10% of domestic flights, while Tan Son Nhat will retain the remainder. The distribution ratio between the two airports is anticipated to gradually adjust over subsequent years.
025F Outlook & Valuation
For FY2025F, we forecast:
- Net revenue: VND 1,103 billion (+6.3% YoY)
- Net profit: VND 715 billion (+3.1% YoY)
We maintain a NEUTRAL recommendation and revise our target price (TP) downward from VND 70,100/share to VND 56,500/share, mainly reflecting a reduction in international cargo volume assumptions for SCS at Tan Son Nhat Airport over the next three years.
Have other thoughts on Saigon Cargo Service?
Create your own narrative on this stock, and estimate its Fair Value using our Valuator tool.
Create NarrativeHow well do narratives help inform your perspective?
Disclaimer
The user vinh_votruong holds no position in HOSE:SCS. Simply Wall St has no position in any of the companies mentioned. Simply Wall St may provide the securities issuer or related entities with website advertising services for a fee, on an arm's length basis. These relationships have no impact on the way we conduct our business, the content we host, or how our content is served to users. The author of this narrative is not affiliated with, nor authorised by Simply Wall St as a sub-authorised representative. This narrative is general in nature and explores scenarios and estimates created by the author. The narrative does not reflect the opinions of Simply Wall St, and the views expressed are the opinion of the author alone, acting on their own behalf. These scenarios are not indicative of the company's future performance and are exploratory in the ideas they cover. The fair value estimates are estimations only, and does not constitute a recommendation to buy or sell any stock, and they do not take account of your objectives, or your financial situation. Note that the author's analysis may not factor in the latest price-sensitive company announcements or qualitative material.