Analyst Pin-board GMD – Q2-FY20 Business Update: Net Profit In Line With Our Estimates; Maintain Accumulate with TP of VND23,000
GMD has reported unaudited Q2-FY20 financial results with total revenue of VND607bn, down by 9.2% from the last year’s figures while PBT declined by 41.0% YoY to VND141bn. Meanwhile, the net profit went generally in line with our previous estimates (see table 1). With these results, GMD has completed 56% of full-year guidance for both revenue and PBT in its base case scenario, while corresponding fulfillment rates of our FY20 forecasts stood at 53% and 55%. The bright spot in the Q2 results lied in the ability to slash costs and expand gross margin amid the dire situation of diminishing volume at its ports as a result of covid’s impact and more challenging competitive environment in Hai Phong.
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