Company Insight

Gemadept Corporation (GMD) is a pioneer in port and logistics service sector in Viet Nam. In 2025, PBT grew by 20% YoY, with volume estimated to increase by 25% YoY amid vibrant import-export activities. This year also marked a record high for core operating profit. For 2026, we expect earnings to maintain their upward momentum driven by: (1) a positive import-export outlook, (2) a 10% YoY increase in loading and unloading service fees at deep-water ports, and (3) the commencement of Nam Dinh Vu Port Phase 3 operation. Based on SOTP methods, we update GMD’s target price at VND 85,400.