GMD - A bright picture in Q1-FY24
- In Q1-FY24, the throughput of GMD's port system reached 908 thousand TEU (+55% YoY). This significant increase in volume was driven by contributions from the southern port segment. During this period, GMD did not have any new service from shipping lines.
- In Q1-FY24, revenue and NPATMI reached VND 1,006 billion (+11% YoY) and VND 559 billion (+171% YoY), respectively, completing 24%/36% of our forecast.
- For 2024, the forecast revenue will reach VND 4,154 billion (+8% YoY). We have increased NPATMI to VND 1,540 billion (-31% YoY), as GMD recorded higher abnormal profits than our previous forecast.
- Given the better-than-expected Q1-FY24 results, we use the sum-of-the-parts (SOTP) valuation method, raising the TP for GMD to VND 91,200 per share, with a cash dividend of VND 1,200, equivalent to an expected total return of 11%. We maintain the recommendation to ACCUMULATE for GMD.
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