Company Insight

Gemadept Corporation (GMD) is a pioneer in port and logistics service sector in Viet Nam. In 1H2026, GMD reported a 71% YoY increase in net profit, driven by solid core business growth and a one-off gain from its equity swap transaction with CJ Logistics. Excluding this non-recurring item, we estimate core earnings still grew by approximately 24% YoY, reflecting improved performance in its port operations. Looking ahead, we expect GMD's core earnings to increase by around 20% YoY in 2026, supported by (1) resilient trade and import-export activities in Vietnam, which should continue to drive cargo throughput, and (2) further improvements in port service prices. Based on SOTP methods, we update GMD’s target price at VND 89,600.