Analyst Pin-board GMD – Headwind in the short-term
- In 2Q2022, the company posted revenue/NPATMI of VND 978/288 bn (or USD 41/ 12 mn), +30%/+103% YoY. Despite a decline of 2% QoQ/-20% YoY in volume in that quarter (exl. Gemalink), the company’s gross profit margin broadens by 456 bps QoQ /211 bps YoY to 45% thanks to better cost management.
- In early 3Q2022, total throughput has reflected the cooldown of trade activities in Vietnam. In 8M2022, the Hai Phong area was the key driver +10% YoY while Vung Tau and HCM landscape only climbed by 1% YoY.
- We think that the stock price is hard to perform well in the short term as we expect that GMD will encounter a short-term headwind of global trade cooldown due to high inflation in Vietnam’s key trading partners. However, the company has bright long-term prospects through the 2nd phase of Nam Dinh Vu and Gemalink Terminal. Our latest target price is VND 61,100, offering an upside of 30% compared the closing price as of Sep 27th, 2022. Hence, we recommend to BUY this stock.
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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