Company Insight

Gemadept Corporation (GMD) is a pioneer in port and logistics service sector in Viet Nam. In Q3/2023, GMD saw core profit to grow again. In 2023, GMD's core business PBT decreased by 9% YoY, in the context of Vietnam's total import-export turnover decreasing by 6.6% YoY. In 2024, we expect GMD's business results to recover, thanks to: (1) service fees increasing by 5% - 8%, (2) cargo throughput increasing by 8% thanks to the Nam Dinh Vu port phase 2 operating at full capacity and (3) Gemalink opening new service routes. Based on SOTP methods, we update GMD’s target price at VND 83,400.