BVSC estimates GMD’s 2025 revenue and NPAT-MI to reach VND4,161 bn (-13.9% YoY) and VND1,187 bn (-18.6% YoY), respectively. Our cautious scenario yields a fair value for GMD of VND 64,000 per share, indicating a +36.2% upside, and we reiterate our OUTPERFORM rating. Being a prominent player in the Ports and Logistics sector with a competitive edge derived from its strategic port assets, investors may find it opportune to consider initiating a buy position in GMD shares, particularly given the significant YTD discount of -29%. Moreover, GMD currently trades at 1.5x forward P/B (2025F), below its 5-year average of 2.1x.

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Please find the attached file below.