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SCS [OUTPERFORM +10.3%] - On track to beat 2018 guidance of 21% PBT growth - Update

We maintain our OUTPERFORM rating on SCS with a TSR of 10.3%. We broadly maintain our target price at VND183,600 due to an increase in the discount rate, partially offset by our expectation that 2018 capex will now be delayed to 2019. We lower our 2018 international cargo volume growth assumption to 13% from our previous forecast of 15% due to low growth over 4M 2018, but maintain our medium-term international volume growth assumption of 15% p.a.