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GMD – A long-term story – Initiation

Company Note 05/12/2019    160

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  • GMD, offering integrated logistics services, is the top private sector port operator in Vietnam, commanding a market share of 7.3% as at 2018.
  • We expect GMD to increase its port capacity by 500,000 TEUs in 2021F, +43.4% vs. FY18, through the launch of Nam Dinh Vu port phase 2.
  • We initiate coverage on GMD with an Add rating and TP of VND29,500 (25.5% potential upside).

Market Price

Target Price

Dividend Yield

Rating

Sector

VND23,500

VND29,500

6.2%

ADD

LOGISTICS

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