Noi Bai Cargo Services JSC’s NCT stock (NCTS, code NCT) soared 1.22% to a record high of VND 99,200 per share on August 23, while the overall market remained hesitant below the 1,300-point threshold. Although not a rapid increase, NCT has shown resilience with a 17% gain over three months. As a result, its market capitalization improved significantly, surpassing VND 2,500 billion.
The stock price reacted positively after the company paid the second dividend for 2023 at a rate of 50% in cash on August 8. Together with the advance dividend of VND 3,000 per share at the end of December 2023, the total dividend ratio for 2023 was 80% (VND 8,000 per share). Notably, the majority of the above cash dividends went to Vietnam Airlines (code HVN), the parent company. Currently, Vietnam Airlines holds a controlling stake of 55.13% in NCT and is expected to pocket approximately VND 72 billion in the upcoming dividend payout. In total, Vietnam Airlines will receive more than VND 115 billion in cash dividends for both periods.
In addition to this aviation enterprise, there are two other major shareholders: the foreign fund America LLC with a stake of 10.7% and Noi Bai Airport Aviation Service JSC (Nasco, code NAS) with a stake of 6.98%.
Historically, NCT has a tradition of paying out large dividends annually, with a peak of 115% in cash in 2015, followed by 100% in 2016, and maintaining a rate of 90% for 2017-2018. In recent years, the company’s dividend ratio has consistently been around 75-85%. For 2024, the company plans to maintain the dividend ratio at 80%, the same as last year.
Stable Business Foundation
Noi Bai Cargo Services JSC, established in 2005, aimed to provide cargo handling services at Noi Bai International Airport. The company quickly expanded its operations to offer a range of services, including cargo handling, warehousing, customs declaration, cargo security inspection, and domestic and international transportation. Today, NCT’s clients include over 30 domestic and international airlines operating at Noi Bai Airport and 400 freight forwarding companies and agents.
NCT has a stable business foundation, with consistent revenue of around VND 700 billion and an incredibly high profit margin of approximately 50%. Its after-tax profit has been maintained at VND 200-300 billion in recent years. In 2023, the company recorded revenue of VND 702 billion and an after-tax profit of VND 217 billion. 
For 2024, NCT has set business targets of VND 795 billion in revenue and nearly VND 218 billion in after-tax profit, representing a 10% and 1% increase, respectively, compared to 2023. In the second quarter of 2024, NCT achieved VND 218.7 billion in net revenue and VND 64 billion in after-tax profit. For the first six months of the year, revenue and after-tax profit reached VND 404.5 billion and VND billion, respectively.
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