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GMD – Short-term headwinds but still a long-term play – Update

Company Note 18/02/2020    172

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  • 4Q19 net profit plunged 58% yoy to VND66bn. FY19 net profit was 11.7% short of our forecast.
  • We project modest NP growth in FY20F before a stronger rebound in FY21F.
  • Reiterate Add with an unchanged TP of VND29,500.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND20,450

VND29,500

0%

ADD

LOGISTICS

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