We initiate on GDT with a BUY rating and projected TSR of 24.9%. GDT mainly manufactures and exports kitchenware, small housewares and toys made from rubber wood. GDT maintained an ROIC of at least 25% in 2014-2020, which we expect will continue given its niche focus on small-sized products with mild competition as well as its cost competitiveness thanks to Vietnam’s low labor costs and its utilization of cheap input rubber wood. We forecast an EPS CAGR of 13% in 2020-2023F partly thanks