GMD – Maintain strong revenue and profit growth momentum in Q2-FY25
• BUY recommendation for GMD with an attractive upside potential of 28% compared to the closing price on July 30, 2025, with a target price of VND 71,000/share and an expected dividend of VND 2,000/share within 12 months.• Despite intensifying competition in Hai Phong with four new terminals commencing operations in the Lach Huyen area, GMD has demonstrated resilience, expanding its market share from 18.45% at the beginning of the year to 19.32% by 6M2025, equivalent to an 87 bps YTD increase, supported by its favorable geographic location that attracts clients from river ports.
• Joint ventures and associates remain key contributors to GMD’s earnings, with profit from JVs accounting for 57%, reaching VND 241 billion (+32% YoY), primarily driven by Gemalink and SCS.
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