SCS released its unaudited 2018 results, which showed revenue was up 15% YoY to VND676bn (USD29mn) and NPAT-MI was up 21% YoY to VND416bn (USD18mn), respectively. Based on our estimates, earnings growth was mainly driven by higher-than-expected average service price (ASP) growth of 6.3% YoY vs our forecast of 5.0% YoY. This partially offset lower-than-expected international cargo volume growth of 8.5% YoY vs our forecast of 11% YoY and SCS’s guidance of 13.4% YoY.