GMD – Update – Rising above tariff headwinds
Posted: Aug 6, 2025
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2Q25 Net profit (NP) reached 423 VNDbn, increase 27,9% yoy, driven by robust port throughput growth and improved cost management efficiency. 6M25 NP is in line with our forecasts, completing 49% of FY2025 projection.
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We expect GMD’s NP to maintain its growth momentum of 16,5%/14,4% yoy in 2025/26, driven by Nam Dinh Vu Phase 3 and an increase in ports’s service prices.
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We recommend ADD for GMD with a target price of 72.200VND/share.
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