Analyst Pin-board GMD – Better-Than-Expected 2021 Business Results
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· In 4Q/2021, revenue reached VND 1,038 billion, +47% YoY, NPATMI reached VND 190 billion, +226% YoY. Thereby, for 2021, revenue/NPATMI reached VND 3,206 billion (+23% YoY)/605 billion (+63% YoY). Both were 20% higher than our forecasts thanks to solid growth in port operation, high profits from associates and costs tightening scheme. · Import-Export turnover recovery upon economies reopening, coupled with the competitive advantage of location and demand guaranteed by strategic partner CMA-CGM, will be supportive the growth of throughput at GML terminal. We expect GML’s throughput to reach 1,560 TUEs (+95 % YoY) for 2022F, fulfilling phase I capacity. More capacity to be added with the construction for the second phase in mid-2022. Projected net profit for GML comes at VND 343 billion, significantly underpinning GMD’s profit from JVs to grow by 114% YoY. · Port operation of GMD’s Hai Phong terminals will continue to grow as Nam Dinh Vu terminal attracts new services. The start of Nam Dinh Vu phase II on December 28th 2021 will create more growth potential for Nam Dinh Vu when Nam Hai and Nam Hai Dinh Vu terminals are already operating at full capacity. We expect the throughput at GMD’s Hai Phong terminals to reach 1.2 Mn TEUs (+16.6% YoY) in 2022F. · Current 2022 forecasts, revenue of VND 3,214 Bn (+0.3% YoY) and PBT of VND 996 Bn (+ 23.6 % YoY), and target price of VND 55,700 are under review. |
Gemadept Corporation is a Vietnam-based shipping company engaged in the marine freight transportation industry. The Company offers multimodal freight transportation services, including containers and oversize freight, by deep sea, inland water, land and air. The Company is also involved in the operation of marine ports, river ports and airports, as well as the provision of cargo handling services. Other activities include the provision of logistics services, the operation of warehouses and storage yards, liner agency, container agency, freight forwarding, ship building, vessel and transportation equipment leasing. In addition, the Company develops commercial properties and plants rubber trees.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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