Company Insight

Gemadept Corporation (GMD) is a pioneer in port and logistics service sector in Viet Nam. In 2024, GMD recorded revenue of VND 4,832 bn (+25.6% YoY), the highest revenue in its history. PBT reached VND 2,079 bn (exceeding the set plan by 23%). In which, the core business is estimated to grow by 39%, with an estimated output increase of 60% YoY thanks to the strong growth in throughput volume. In 2025, we expect GMD to continue maintaining its growth momentum thanks to the demand for stocking up on goods ahead of new tariff policy changes and the adjusted increase in service fees. Based on SOTP methods, we update GMD’s target price at VND 78,000.