External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We maintain our MARKET PERFORM rating for GMD and raise our target price (TP) by 8% to VND69,800/share.</li><li>Our higher TP is mainly due to a 16% higher valuation for its core businesses (i.e., ports and consolidated logistics), and 7% increase in Gemalink’s (GML) valuation, partly offset by a 25% reduction in our valuation for SCS, as outlined in our November 7 SCS Update Report. </li><li>Our higher valuation for the core businesses is because we (1) roll our TP horizon forward to end-2025, (2) raise 2025-29F container throughput by ~15% p.a., and (3) increase average 2025-29F port GPM by ~100bps p.a. due to higher projected throughput boosting utilization rates.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our MARKET PERFORM rating for GMD and raise our target price (TP) by 8% to VND69,800/share.Our higher TP is mainly due to a 16% higher valuation for its core businesses (i.e., ports and consolidated logistics), and 7% increase in Gemalink’s (GML) valuation, partly offset by a 25% reduction in our valuation for SCS, as outlined in our November 7 SCS Update Report. Our higher valuation for the core businesses is because we (1) roll our TP horizon forward to end-2025, (2) raise 2025-29F container throughput by ~15% p.a., and (3) increase average 2025-29F port GPM by ~100bps p.a. due to higher projected throughput boosting utilization rates.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GMD VN - Capacity Constraints to Cap 2025F Earnings

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Container handling volume was 585 thousand TEU (-25% YoY and -18%QoQ).</li><li>In which, volume in Hai Phong and the Southern region were 243 thousand TEUs(-11% YoY) and 342 thousand TEUs (-32% YoY), respectively.</li><li>Net revenue and PBT were VND 902 billion VND (+3% YoY and -15% QoQ) and VND 308 billion (-12% YoY and +23% QoQ), respectively, corresponding to 23% and 27% of the plan for 2023, completing 21% and 26% of our forecast.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Container handling volume was 585 thousand TEU (-25% YoY and -18%QoQ).In which, volume in Hai Phong and the Southern region were 243 thousand TEUs(-11% YoY) and 342 thousand TEUs (-32% YoY), respectively.Net revenue and PBT were VND 902 billion VND (+3% YoY and -15% QoQ) and VND 308 billion (-12% YoY and +23% QoQ), respectively, corresponding to 23% and 27% of the plan for 2023, completing 21% and 26% of our forecast.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gemadept Corporation - Need More Time for the Recovery as the Macro Context Does Not Support

GMD - Need more time for the recovery as the macro context does not support

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Sai Gon Cargo Service  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-gon-cargo-service-corp" target="_blank" data-smartkarma-citation="entities:40374:1" rel="noopener">Sai Gon Cargo Service (SCS VN)</a> is a cargo handling business, majority owned by the <a href="https://www.smartkarma.com/entities/airports-corp-of-vietnam-jsc" target="_blank" data-smartkarma-citation="entities:23702:1" rel="noopener">Airports Corporation Of Viet Nam (ACV VN) and </a><a href="https://www.smartkarma.com/entities/gemadept-corp" target="_blank" data-smartkarma-citation="entities:22695:1" rel="noopener">Gemadept Corp (GMD VN)</a> .  </li>
<li>Net cash (16% of market cap), trading at 11.5x FY24e PE, with ~7% dividend yield (assuming 80% payout ratio), &gt;75% EBITDA margins/&gt;70% net margins, and 5 Yr Avg-ROEs  &gt;40%. </li>
<li>We see long-term structural growth drivers with the construction of the <a href="https://en.wikipedia.org/wiki/Long_Thanh_International_Airport" target="_blank" rel="noopener">Long Thanh Airport</a>, and in the short term, we see an impending cargo volume recovery.</li>
</ul>



Sai Gon Cargo Service (SCS VN) is a cargo handling business, majority owned by the Airports Corporation Of Viet Nam (ACV VN) and Gemadept Corp (GMD VN) .  
Net cash (16% of market cap), trading at 11.5x FY24e PE, with ~7% dividend yield (assuming 80% payout ratio), &gt;75% EBITDA margins/&gt;70% net margins, and 5 Yr Avg-ROEs  &gt;40%. 
We see long-term structural growth drivers with the construction of the Long Thanh Airport, and in the short term, we see an impending cargo volume recovery.


Sai Gon Cargo Service (SCS VN): 11.5x FY24e PE, ~7% Dividend Yield, >70% Net Margin Business

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Although the general seaport sector has enjoyed strong growth in 10M24, with significant support from both macro and industrial areas, we believe there remain uncertainties from macro factors in the remainder of 2024 and 2025.</li><li>Thus, we maintain our Neutral rating for the Vietnam seaport sector.</li><li>Import-export and clearance activities maintained growth: Import-export value maintained growth momentum in 10M24, at US$647.9bn (+15.9% YoY; 7M24: +17.6% YoY). </li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Although the general seaport sector has enjoyed strong growth in 10M24, with significant support from both macro and industrial areas, we believe there remain uncertainties from macro factors in the remainder of 2024 and 2025.Thus, we maintain our Neutral rating for the Vietnam seaport sector.Import-export and clearance activities maintained growth: Import-export value maintained growth momentum in 10M24, at US$647.9bn (+15.9% YoY; 7M24: +17.6% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Seaport Sector (Neutral) - High Growth Rate Maintained

Vietnam

Gemadept Corporation is a shipping company.  The Company's business activities include port operations, 
container liner service, shipping and forwarding agency logistics, project cargo transport, real 
estate, and financial investment.

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Gemadept Corp (GMD VN)

GMD VN - Capacity Constraints to Cap 2025F Earnings

Our higher TP is mainly due to a 16% higher valuation for its core businesses (i.e., ports and consolidated logistics), and 7% increase in...

Vietcap

Gemadept Corporation - Need More Time for the Recovery as the Macro Context Does Not Support

Container handling volume was 585 thousand TEU (-25% YoY and -18%QoQ). In which, volume in Hai Phong and the Southern region were 243 thousand TEUs

Rong Viet Securities

GMD - Need more time for the recovery as the macro context does not support

Net revenue and PBT were VND 902 billion VND (+3% YoY and -15% QoQ) and VND 308 billion (-12% YoY and +23% QoQ), respectively, corresponding to 23%...

Rong Viet Securities

Sai Gon Cargo Service (SCS VN): 11.5x FY24e PE, ~7% Dividend Yield, >70% Net Margin Business

SCS VN is net cash (16% of market cap), trading at 11x FY24 PE, with >7% dividend yield (assuming 80% payout ratio), >75% EBITDA margins/>70% net...

Sameer Taneja

Vietnam Seaport Sector (Neutral) - High Growth Rate Maintained

Import-export and clearance activities maintained growth: Import-export value maintained growth momentum in 10M24, at US$647.9bn (+15.9% YoY; 7M24:...

Mirae Asset Securities

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