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SCS [BUY +23.8%] - Minimal impact on valuation from runway closures - Update

We reiterate our BUY rating on SCS with a target price of VND185,100 per share, implying a total stock return of 23.8%. We maintain our 15% international volume growth assumption for 2018 as we expect volumes to accelerate from Q2 after a slow Q1. We forecast 2018 revenue to grow 16.7% YoY to VND687bn (USD30.3mn) and NPAT to grow 24.7% YoY to VND429bn (USD18.9mn). SCS’s HOSE listing will likely take place before its AGM at the end of June.