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SCS [OUTPERFORM +10.0%] - Loading up on cash - Initiation

We initiate coverage on SCS with an OUTPERFORM rating and a target price of VND104,500, implying a total stock return of 10.0% inclusive of a 5.5% dividend yield. Earnings growth will be driven by SCS’s strong market position with high entry barriers and constrained supply. SCS is the only player with spare capacity to benefit from air cargo volume growth in southern Vietnam.