Báo cáo phân tích cổ phiếu GMD - Công ty Cổ phần Gemadept (HOSE) (bản tiếng Anh)

Ngày đăng: 06/03/2019

Releasing great expansion

- In 2018, container volume transshipping at Vietnam’s ports was 17.8 million TEU, up 24% YoY, underpinned by solid exports growth. In 2018, Haiphong ports handled 5 million TEU, up 12% YoY. However, forward oversupply in Haiphong will loosen as capacity increases faster than demand.

- GMD is the strongest player in Haiphong port system. It launched the Nam Dinh Vu port after other ports of the company reached full capacity utilization. In addition, GMD resumed its deep-water port Gemalink in Southern port cluster after a long period of suspension.

- We maintain our BUY recommendation based on strong earnings growth rate and high dividend yield of over 5%.