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SCS [BUY +33.3%] - Cheap valuation given growth story remains solid - Update

We raise our rating to a BUY with a TSR of 33.3% despite only cutting our target price by 1% as the stock price has fallen by 18% since our last review. We change our target price to reflect an increase in the discount rate and lower peer multiples, mostly offset by the effect of the DCF roll-over. We forecast 2018 revenue to grow by 16% to VND680bn (USD29mn) and NPAT to grow by 22% YoY to VND420bn (USD18mn).