Give us your feedback

GMD- Waiting for the Gemalink – Update

Company Note 22/09/2020    155

Share

  • In 1H20, GMD’s revenue dropped 6.9% yoy to VND1,209bn, and net profit fell 24.7% yoy to VND217bn. 1H20 NP was below at 40.2% of our FY20F.
  • GMD’s largest project, the Gemalink deep sea container port, is ready for test runs in Nov 2020 and should come onstream in Jan 2021.
  • We downgrade GMD from Add to Hold with a lower DCF-based TP of VND25,400 (WACC: 12.2%) to reflect the FY20-22F EPS cuts.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND23,850

VND25,400

4.2%

HOLD

LOGISTICS

Please follow this link for the full report

DMCA.com Protection Status