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 divestment of Nam Hai Dinh Vu port (NHDV). EPS is 7,313 VND for 2023F.
- We used Sum-of-the-parts method (SOTP) to provide a one-year target price of 63,400 VND. Combined with a cash dividend of 2,000 VND, equivalent to a total expected return of 15%. We recommend to
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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