Viet Dragon Securities - Gemadept (GMD) Analyst Pin-board GMD – China reopening to bolster throughput from June

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Viet Dragon Securities

Son Tran

Analyst Pin-board GMD – China reopening to bolster throughput from June

GMD posted 1Q2022 revenue/NPATMI of VND 880 bn (USD 38 mn)/ VND 274 bn (USD 12 mn), +28% YoY/+86% YoY.
While 1Q2022 throughput volume of Northern terminals and Binh Duong Port in the South grew by 14% YoY and 20% YoY, respectively, Apr and May should see volume cool down before recovering from June following China reopening.
The expansions of Gemalink and Nam Dinh Vu construct a solid foundation for the long-term outlook.
We raise our GMD’s target price to VND 65,700, offering an upside of 9% compared to the closing price as of Jun 8^th ,2022. Thanks to the bright prospect in the long run, we recommend ACCUMULATING this stock when the market has a deep correction.

08/06/2022 6 EN

Underlying

Gemadept

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.

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VN000000GMD0 Hochiminh Stock Exchange Vietnam

Provider

Viet Dragon Securities

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.

RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”

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Analysts

Son Tran

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Viet Dragon Securities

Result Update Report: GMD - Need more time for the recovery as the macro context does not support

We used Sum-of-the-parts valuation method (SOTP) to provide a target price of 63,400 VND, combined with a cash dividend of 2,000 VND. This is equivalent to an expected rate of return of 11%, based on the closing price on 24/07/2023. We recommend to ACCUMULATE.

July 24, 2023 July 24, 2023 15 EN

Viet Dragon Securities

GMD – Need more time for the recovery as the macro context does not support

Forecast for Q2-FY2023, revenues and NPATMI are respectively VND 965 million (+7% QoQ and -1% YoY) and VND 235 million (+16% QoQ and -18% YoY). Compared to the previous quarter, revenues improved based on the recovery in volume, the GPM will slightly decrease because of the depreciation of NDV phase 2, but NPATMI will grow by double digits as GML is expected to be profitable again. For 2023F, net revenue and NPATMI are respectively VND 3,781 billion (-3% YoY) and VND 2,396 billion (+148% YoY), in which, core operating profit is VND 796 billion (-27% YoY) and VND 1,600 billion from divestmen...

July 20, 2023 July 20, 2023 7 EN

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Overall, the domestic fertilizer industry has entered a saturation phase as the cultivated land area continues to shrink and production capacity remains overcapacity. 2024 is forecast to be a stable year for the fertilizer industry as there is little room for growth in sales prices and consumption volume. The Draft Amendment to the VAT Law is a highlight and is expected to help domestic fertilizer manufacturers compete better with imported fertilizers due to reduced costs.

21h / 18m 21h / 18m 8 EN

Phuong Nguyen

Phuong Nguyen

Slowed down

The market continued to rise despite the pressure from the 1,280-point area, but the gains have been decreasing in the last two sessions. It is expected that the market will temporarily fluctuate within the 1,270 – 1,280 point range in the near future.

21h / 19m 21h / 19m 7 EN

Quan Cao

Quan Cao

GMD – The rapidly increasing demand for ex-im will lead to a promising performance in 2H2024

In 6M2024, container throughput at NDV and GML ports was 582 thousand TEU (+12% YoY) and 804 thousand TEU (+97% YoY) respectively, achieving 48% and 56% of our projections. According to the management, PBT from core business is estimated to achieve 53% of the 2024 plan, reaching VND 716 billion (+10% YoY), corresponding to 42% of our forecast. GMD announced its revenue and PBT targets at VND 4,000 billion (+4% YoY) and VND 1,686 billion (-33% YoY) respectively, with core business activities expected to reach VND 1,350 billion (+4% YoY). Maintaining projections for 2024, container throughpu...

July 3, 2024 July 3, 2024 6 EN

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Analyst Pin-board GMD – China reopening to bolster throughput from June

Gemadept Corp: 1 director

Result Update Report: GMD - Need more time for the recovery as the macro context does not support

GMD – Need more time for the recovery as the macro context does not support

Fertilizer industry – Big players looking to expand NPK share as Urea market saturates

Slowed down

GMD – The rapidly increasing demand for ex-im will lead to a promising performance in 2H2024

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