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GMD – Positive 4Q20 results as expected – Update

Company Note 25/01/2021    151

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  • GMD has announced pre-lim 4Q20 earnings before tax of VND120.6bn (+30% yoy). Thus, FY20 net profit was estimated at VND409.4bn (-20.5% yoy), in line with our forecasts.
  • We raise FY21-22F EPS forecast by 3.9-6.4% to reflect lower minority interest from growing logistics services activity.
  • Reiterate HOLD rating with a higher SOTP-based TP of VND35,900

Market Price

Target Price

Dividend Yield

Rating

Sector

VND32,500

VND35,900

0%

HOLD

INDUSTRIALS

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