[HOLD/TP: 22,579] Growth driver from new port


The recovery of port operations: The throughput volume of their ports in 2020 decreased sharply compared to 2019 (container throughput volume decreased by 20% YoY, imported fertilizer volume decreased by 11% YoY) due to the Covid-19 pandemic. However, we expect the throughput volume will recover to 2019 levels (equivalent to the growth of +18%YoY), supported by: 1) Major Trade Agreements (EVFTA, RCEP, UKVFTA) will boost import and export value of Vietnam as well as cargo volume at seaports, 2) Hiep Phuoc Port will officially exploit all 800 meters of wharf this year, 3) Exploit equipment items which contribute large amount of revenue (mainly wind turbine) - and SGP is one of the few companies those have capable of exploiting these cargos. 

SGP-Saigon Port
Lam Do

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