[GDT/BUY/ TP: VND 45,200] - Firmly footsteps


Duc Thanh Wood Processing Joint Stock Company (HoSE: GDT) is a leading company in manufacturing and exporting kitchenware, homeware, and children's toys made from rubberwood in Vietnam. Based on the FCFF and DDM methods, we update the target price of GDT at VND 45,200 equivalent to an expected return of 39%. In 2023, revenue and NPAT of GDT are expected to continue growing thanks to the sustainable demand of exporting wood products, together with the prospective room expansion in the export market. Additionally, the company restructuring as well as closing the M&A deal will boost GDT's revenue and profit in the coming time.

In 2023, we expect GDT's consolidated revenue and NPAT to reach VND 650 billion (+62% YoY) and VND 104 billion (+51%), respectively. The efforts of improving the corporate structure during difficult time are the preparations, promising the strong and sustainable growth prospects from GDT in the coming time.

GDT-Duc Thanh Wood Processing JSC
Phuc Nguyen

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