Gemadept Corporation (GMD) is a pioneer in port and logistics service sector in Viet Nam. Based on SOTP methods, we update GMD’s target price at VND 62,400. We expect strong profit growth in 2023, thanks to (1) the abnormal profit from Nam Hai Dinh Vu (NHDV) port divestment and (2) the establishment of Nam Dinh Vu (NDV) port phase 2.
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