External broker reports(aggregated public sources), Vietcap

Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We raise GMD’s rating to BUY from OUTPERFORM and lift our target price (TP) by 19% to VND78,200/share.</li><li>In this update, we adopt a single-scenario forecast (vs three previously), as trade uncertainty for Vietnam seems to have eased meaningfully since our last update.</li><li>The higher TP is from 20%/40% valuation uplifts to the consolidated port &amp; logistics business/ GML, respectively, driven by (1) a more positive view on Vietnam’s trade, as the US tariff impact has been milder than expected, driven by Vietnam’s favorable tariff differentials, evidenced by strong Q3 and October trade/throughput data of Vietnam/GMD ports; and (2) rolling our TP to end -2026. </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 raise GMD’s rating to BUY from OUTPERFORM and lift our target price (TP) by 19% to VND78,200/share.In this update, we adopt a single-scenario forecast (vs three previously), as trade uncertainty for Vietnam seems to have eased meaningfully since our last update.The higher TP is from 20%/40% valuation uplifts to the consolidated port &amp; logistics business/ GML, respectively, driven by (1) a more positive view on Vietnam’s trade, as the US tariff impact has been milder than expected, driven by Vietnam’s favorable tariff differentials, evidenced by strong Q3 and October trade/throughput data of Vietnam/GMD ports; and (2) rolling our TP to end -2026. 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 [BUY +28.4%] - Beneficiary of brightening trade outlook; Attractive valuation - Update

Gemadept Corp

GMD [BUY +28.4%] - Beneficiary of brightening trade outlook; Attractive valuation - Update