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. In Q1/2026, net profit continued to grow by 23.3% YoY, while estimated throughput volume increased by 8% YoY. In 2026, we expect profit growth to remain at around 20% YoY, supported by (1) ongoing capacity expansion and (2) stable cargo throughput volume. Based on SOTP methods, we update GMD’s target price at VND 93,900.