Research Center
Quay lại

SCS - Growth tracking below expectations but expected to recover - Earnings Flash

SCS’s Q1 2018 revenue and NPAT grew by 12.5% and 17.3%, respectively, vs Q1 2017. This was driven by (1) strong growth in domestic cargo volumes and (2) continued margin expansion, but somewhat offset by (3) slower growth in international cargo volumes. While these results are slightly below our forecasts, we expect international cargo volumes to recover in the coming quarters as recently signed customers come online. We will therefore likely maintain our current target price in our next update