GMD - Gemalink Port’s leap forward in 2024 is the main driver of growth
- In Q4-FY23, the container throughput in Hai Phong and the Southern region (including Gemalink (GML)) was 271 thousand TEUs (-6% YoY) and 653 thousand TEUs (+53% YoY), respectively, with GML contributing 350 thousand TEUs (+70% YoY).
- In Q4-FY23, revenue and NPATMI were VND 1,034 bn (-3% YoY) and VND 115 bn (-39% YoY), respectively. In which, the revenue from container handling and logistics segment were VND 825 bn (+5% YoY), and VND 209 bn (-25% YoY), respectively.
- Forecast for 2024, revenue and NPATMI will be VND 4,139 bn (+8% YoY) and VND 1,324 bn (-40% YoY), respectively. The NPATMI from core business segment is projected to be VND 1,124 bn (+46% YoY), with an abnormal profit of VND 200 bn from the divestment at Nam Hai port. The EPS for 2024 is projected to be 4,000 VND.
- We have raised the target price to 80,600 VND/share, implying a P/E for 2024F at the target price of 20.2x, equivalent to the adjusted mean 5Y P/E ratio. We recommend an ACCUMULATE.
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