Analyst Pin-board: GMD – Update 1Q2019 Result and 2019 Forecast
We maintain our positive view on GMD. Stable earnings growth of the port operation segment and affiliates (CJ-GMD Logistics and SCSC) will be the main driver for GMD this year. Gemalink Terminal will be operational by 2021 and significantly enhance the capacity of GMD’s port system in the South. However, we don’t expect this project to be profitable in the early years due to large interest expenses. Another risk may come from extraordinary expenses regarding rubber plantation write-offs in Cambodia. We estimate the fair value of the stock at VND 30,000 (P/E forward of 16.4x and P/B of 1.5x). Incorporating a cash dividend of VND 1,500 per share, the total return is 21%. Recommendation: BUY.
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