External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

External broker reports(aggregated public sources)

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><p><em>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.</em></p>

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

Gemadept Corp

GMD VN - Capacity Constraints to Cap 2025F Earnings