GMD – The rapidly increasing demand for ex-im will lead to a promising performance in 2H2024
- In 6M2024, container throughput at NDV and GML ports was 582 thousand TEU (+12% YoY) and 804 thousand TEU (+97% YoY) respectively, achieving 48% and 56% of our projections. According to the management, PBT from core business is estimated to achieve 53% of the 2024 plan, reaching VND 716 billion (+10% YoY), corresponding to 42% of our forecast.
- GMD announced its revenue and PBT targets at VND 4,000 billion (+4% YoY) and VND 1,686 billion (-33% YoY) respectively, with core business activities expected to reach VND 1,350 billion (+4% YoY).
- Maintaining projections for 2024, container throughput at NDV and GML ports is forecasted to be 1,203 thousand TEU (+9% YoY) and 1,440 thousand TEU (+41% YoY) respectively. Revenue and NPATMI (excluding abnormal profit) are projected to be VND 4,154 billion (+8% YoY) and VND 1,200 billion (+58% YoY) respectively. We maintain an ACCUMULATE with a target price of VND 91,300 per share.
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