External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We maintain our MARKET PERFORM rating for GMD and raise our target price (TP) by 8% to VND69,800/share.</li><li>Our higher TP is mainly due to a 16% higher valuation for its core businesses (i.e., ports and consolidated logistics), and 7% increase in Gemalink’s (GML) valuation, partly offset by a 25% reduction in our valuation for SCS, as outlined in our November 7 SCS Update Report. </li><li>Our higher valuation for the core businesses is because we (1) roll our TP horizon forward to end-2025, (2) raise 2025-29F container throughput by ~15% p.a., and (3) increase average 2025-29F port GPM by ~100bps p.a. due to higher projected throughput boosting utilization rates.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We maintain our MARKET PERFORM rating for GMD and raise our target price (TP) by 8% to VND69,800/share.Our higher TP is mainly due to a 16% higher valuation for its core businesses (i.e., ports and consolidated logistics), and 7% increase in Gemalink’s (GML) valuation, partly offset by a 25% reduction in our valuation for SCS, as outlined in our November 7 SCS Update Report. Our higher valuation for the core businesses is because we (1) roll our TP horizon forward to end-2025, (2) raise 2025-29F container throughput by ~15% p.a., and (3) increase average 2025-29F port GPM by ~100bps p.a. due to higher projected throughput boosting utilization rates.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GMD VN - Capacity Constraints to Cap 2025F Earnings

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Although the general seaport sector has enjoyed strong growth in 10M24, with significant support from both macro and industrial areas, we believe there remain uncertainties from macro factors in the remainder of 2024 and 2025.</li><li>Thus, we maintain our Neutral rating for the Vietnam seaport sector.</li><li>Import-export and clearance activities maintained growth: Import-export value maintained growth momentum in 10M24, at US$647.9bn (+15.9% YoY; 7M24: +17.6% YoY). </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Although the general seaport sector has enjoyed strong growth in 10M24, with significant support from both macro and industrial areas, we believe there remain uncertainties from macro factors in the remainder of 2024 and 2025.Thus, we maintain our Neutral rating for the Vietnam seaport sector.Import-export and clearance activities maintained growth: Import-export value maintained growth momentum in 10M24, at US$647.9bn (+15.9% YoY; 7M24: +17.6% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Seaport Sector (Neutral) - High Growth Rate Maintained

<ul><li>On October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond Index baskets with these adjustments, effective from November 4, 2024.</li><li>Consequently, November 1, 2024 will be the last trading day for ETFs, following the VN-Diamond Index’s rebalancing of their portfolios</li><li>HSX has approved Decision No. 502/QD-SGDHCM, which replaces version 2.1 with version 3.0 of the "Vietnam Diamond Index" construction and management rules, effective from the October 2024 review period.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

On October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond Index baskets with these adjustments, effective from November 4, 2024.Consequently, November 1, 2024 will be the last trading day for ETFs, following the VN-Diamond Index’s rebalancing of their portfoliosHSX has approved Decision No. 502/QD-SGDHCM, which replaces version 2.1 with version 3.0 of the "Vietnam Diamond Index" construction and management rules, effective from the October 2024 review period.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Forecast VNDiamond Index Review in 4Q24 - Sep 26, 2024

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Container handling volume was 585 thousand TEU (-25% YoY and -18%QoQ).</li><li>In which, volume in Hai Phong and the Southern region were 243 thousand TEUs(-11% YoY) and 342 thousand TEUs (-32% YoY), respectively.</li><li>Net revenue and PBT were VND 902 billion VND (+3% YoY and -15% QoQ) and VND 308 billion (-12% YoY and +23% QoQ), respectively, corresponding to 23% and 27% of the plan for 2023, completing 21% and 26% of our forecast.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Container handling volume was 585 thousand TEU (-25% YoY and -18%QoQ).In which, volume in Hai Phong and the Southern region were 243 thousand TEUs(-11% YoY) and 342 thousand TEUs (-32% YoY), respectively.Net revenue and PBT were VND 902 billion VND (+3% YoY and -15% QoQ) and VND 308 billion (-12% YoY and +23% QoQ), respectively, corresponding to 23% and 27% of the plan for 2023, completing 21% and 26% of our forecast.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gemadept Corporation - Need More Time for the Recovery as the Macro Context Does Not Support

<ul><li>Recently, HSX announced updated component securities (including changes in component stocks and calculation factors) for the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, there are no changes to any component stocks of either the VN30 Index or VNDiamond Index.</li><li>Meanwhile, the VNFin Lead Index has seen additions, as NAB, SSB, and VIX are new entrants to the basket, without any removals in the upcoming review, resulting in an increase in index constituents to 23 stocks.</li><li>Additionally, a few minor adjustments have been made to the limits of weighted-average calculation criteria for free-float, FOL, liquidity, and capitalization for all indexes. To sum up, the majority of the aggregate rebalancing transactions will focus on the buying direction, while FPT has been deleveraged aggressively.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Recently, HSX announced updated component securities (including changes in component stocks and calculation factors) for the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, there are no changes to any component stocks of either the VN30 Index or VNDiamond Index.Meanwhile, the VNFin Lead Index has seen additions, as NAB, SSB, and VIX are new entrants to the basket, without any removals in the upcoming review, resulting in an increase in index constituents to 23 stocks.Additionally, a few minor adjustments have been made to the limits of weighted-average calculation criteria for free-float, FOL, liquidity, and capitalization for all indexes. To sum up, the majority of the aggregate rebalancing transactions will focus on the buying direction, while FPT has been deleveraged aggressively.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam

Gemadept Corporation is a shipping company.  The Company's business activities include port operations, 
container liner service, shipping and forwarding agency logistics, project cargo transport, real 
estate, and financial investment.

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Gemadept Corp (GMD VN)

GMD VN - Capacity Constraints to Cap 2025F Earnings

Our higher TP is mainly due to a 16% higher valuation for its core businesses (i.e., ports and consolidated logistics), and 7% increase in...

Vietcap

Vietnam Seaport Sector (Neutral) - High Growth Rate Maintained

Import-export and clearance activities maintained growth: Import-export value maintained growth momentum in 10M24, at US$647.9bn (+15.9% YoY; 7M24:...

Mirae Asset Securities

Forecast VNDiamond Index Review in 4Q24 - Sep 26, 2024

On October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond...

Mirae Asset Securities

Gemadept Corporation - Need More Time for the Recovery as the Macro Context Does Not Support

Container handling volume was 585 thousand TEU (-25% YoY and -18%QoQ). In which, volume in Hai Phong and the Southern region were 243 thousand TEUs

Rong Viet Securities

3Q24 ETF Rebalancing Forecast

To sum up, the majority of the aggregate rebalancing transactions will focus on the buying direction, while FPT has been deleveraged aggressively.

Mirae Asset Securities

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