Analyst Pin-board: GMD - Full impact of COVID-19 to be felt in Q2 FY20
GMD announced a 4.9% decline in Q1 FY20 NPAT-MI to VND 141 Bn, ahead of our forecast mainly on the back of a surge in gain from JVs, financial income and significantly lower minority interests. Though Q1 earnings have achieved 29% of our full-year forecast, we expect the negative impact of COVID-19 to be fully felt in Q2 FY20 and linger throughout the year, compromising total container volume throughput. Hence, we cut our earnings forecast for FY20 by 24%. Recommend ACCUMULATE, TP lowered to VND 22,000 (from VND 26,000) based on the SOTP valuation method.
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