GMD – Q3-FY24 Results Update: Sustaining robust growth
• In Q3-FY24, net revenue reached VND 1,234 billion (USD 49 million; +24% YoY). Specifically, the stevedoring segment recorded VND 1,095 billion (USD 43 million; +11% QoQ, +40% YoY), while the logistics segment underperformed with VND 139 billion (USD 6 million; -29% QoQ, -36% YoY).• Throughput at Nam Dinh Vu Port reached 337,000 TEUs (+10% QoQ, +19% YoY), and Gemalink (GML) handled 475,000 TEUs (+5% QoQ, +87% YoY). The growth momentum was driven by a general recovery in import-export demand and an increase in service routes compared to the same period last year.
• Profits from joint ventures (JVs) maintained a strong growth rate and played a significant role in GMD's net income attributable to NPAT-MI. JVs accounted for 66% of NPAT-MI, contributing VND 222 billion (USD 9 million; +279% YoY).
• For 2024, revenue and NPAT-MI are forecast to reach VND 4,154 billion (USD 165 million; +8% YoY) and VND 1,182 billion (USD 47 million; +55% YoY), respectively, excluding profit from the divestments of Nam Hai and Nam Hai Dinh Vu ports. The current target price for GMD stands at VND 71,000 per share. We will review projections, valuations, and provide an update to investors in our following reports.
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