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SCS - Poised for take-off - Earnings Flash

SCS’s 9M 2017 revenue and NPAT grew by 20.4% and 37.1%, respectively, vs 9M 2016. This was driven by (1) strong growth in cargo throughput, especially export cargo, (2) a slight increase in average service price and (3) stable labor costs. SCS’s 9M 2017 results are slightly ahead of our expectations. Therefore, we will likely revise our target price upward, but maintain our rating, in our next update report.