GMD – A long-term story – Initiation

• 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).

Please follow this link for the full report