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

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Container handling volume was 58 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 BPT 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 58 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 BPT 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.

GMD - Need more time for the recovery as the macro context does not support

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>In 4M23, Export-import value recorded a decrease, estimated at US$210.7bn (-13.6% YoY).</li><li>Of this, export and import values reached US$108.5bn (-11.8% YoY) and US$102.2bn (-15.4% YoY), respectively.</li><li>Export-import value has continuously declined since the beginning of 2023, reflecting weakening of consumption in main markets.</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>

In 4M23, Export-import value recorded a decrease, estimated at US$210.7bn (-13.6% YoY).Of this, export and import values reached US$108.5bn (-11.8% YoY) and US$102.2bn (-15.4% YoY), respectively.Export-import value has continuously declined since the beginning of 2023, reflecting weakening of consumption in main markets.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 Segment - Update 1Q23 - Export-Import Activities

<ul><li>Solid 2022 performance: In 2022, Gemadept Corporation (GMD VN) continued to enjoy strong growth momentum, with total revenue reaching VND3,915.6bn (+22.1% YoY).</li><li>Of this, port revenue increased 12.3% YoY to VND3,103.5bn, while logistics and other activities revenue jumped to VND812.1bn (+83.1% YoY).</li><li>Operating profits and after-tax profits rose strongly to VND1,356.6bn (+57.5% YoY) and VND1,157bn (+60.6% YoY), respectively, with profits of controlling shareholders at VND995bn (+62.5% YoY) and EPS reaching VND3,037.</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>

Solid 2022 performance: In 2022, Gemadept Corporation (GMD VN) continued to enjoy strong growth momentum, with total revenue reaching VND3,915.6bn (+22.1% YoY).Of this, port revenue increased 12.3% YoY to VND3,103.5bn, while logistics and other activities revenue jumped to VND812.1bn (+83.1% YoY).Operating profits and after-tax profits rose strongly to VND1,356.6bn (+57.5% YoY) and VND1,157bn (+60.6% YoY), respectively, with profits of controlling shareholders at VND995bn (+62.5% YoY) and EPS reaching VND3,037.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 (GMD VN/Hold/TP: VND53,000) - Solid Performance

<ul><li>Vietnam saw solid growth in its international trade performance in 2022.</li><li>The country's export-import value recorded a growth rate of 9.1% YoY, amounting to a figure more than US$730bn.</li><li>Export and import values were estimated at US$371.8bn and US$360.6bn, respectively, for growth of 10.6% and 8.4% 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>

Vietnam saw solid growth in its international trade performance in 2022.The country's export-import value recorded a growth rate of 9.1% YoY, amounting to a figure more than US$730bn.Export and import values were estimated at US$371.8bn and US$360.6bn, respectively, for growth of 10.6% and 8.4% 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 Segment (Neutral) - Pressure from weakening demand

<ul>
<li>In 1H22, listed companies in the seaport segment in general recorded growth in business activities, although the growth rate has shown signs of slowing down compared with that in 2021.</li>
<li>GMD continued to be the segment leader, with strong increases in revenue, profit margin, and NPAT in 1H22, which is superior to the segment average. PDN and VSC also maintained positive growth.</li>
<li>By the end of July, the total accumulated export-import value was estimated at US$431bn (+15.5% YoY), continued the double-digit growth momentum and maintained at a high level in the last four years, even though export-import value has seen a spike in 2021.</li>
<li 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></li>
</ul>


In 1H22, listed companies in the seaport segment in general recorded growth in business activities, although the growth rate has shown signs of slowing down compared with that in 2021.
GMD continued to be the segment leader, with strong increases in revenue, profit margin, and NPAT in 1H22, which is superior to the segment average. PDN and VSC also maintained positive growth.
By the end of July, the total accumulated export-import value was estimated at US$431bn (+15.5% YoY), continued the double-digit growth momentum and maintained at a high level in the last four years, even though export-import value has seen a spike in 2021.
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.


Seaport segment (Overweight/Maintain) - Maintaining stability

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 - Need more time for the recovery as the macro context does not support

Net revenue and BPT were VND 902 billion VND (+3% YoY and -15% QoQ) and VND 308 billion (-12% YoY and +23% QoQ), respectively

Rong Viet Securities

Vietnam Seaport Segment - Update 1Q23 - Export-Import Activities

Export-import value has continuously declined since the beginning of 2023, reflecting weakening of consumption in main markets.

Mirae Asset Securities

Gemadept Corporation (GMD VN/Hold/TP: VND53,000) - Solid Performance

Solid 2022 performance: In 2022, Gemadept Corporation (GMD VN) continued to enjoy strong growth momentum, with total revenue reaching VND3,915.6bn...

Mirae Asset Securities

Vietnam Seaport Segment (Neutral) - Pressure from weakening demand

Vietnam saw solid growth in its international trade performance in 2022. The country's export-import value recorded a growth rate of 9.1% YoY,...

Mirae Asset Securities

Seaport segment (Overweight/Maintain) - Maintaining stability

In 1H22, listed companies in the seaport segment in general recorded growth in business activities, although the growth rate has shown signs of...

Mirae Asset Securities

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