GMD - Cautious 2023 core profit guidance; abnormal gain from port divestment

We attended GMD’s annual general meeting (AGM) in HCMC on June 9. Our key takeaways are as follows:

- GMD’s 2023 guidance for revenue and profit before tax (PBT) is set at VND3,920bn (USD166.1mn; flat YoY) and VND1,136bn (USD48.1mn; -13% YoY) — equivalent to 94% and 91% of our respective full-year forecasts. GMD’s guidance and our forecasts have not accounted for the potential abnormal gain from the Nam Hai Dinh Vu Port divestment.

- GMD’s management expects to book VND2.0tn (USD84.7mn) of abnormal profit before tax from the Nam Hai Dinh Vu Port divestment in Q3 2023. Incorporating this gain, GMD’s 2023 PBT target is VND3.1tn (USD132.9mn).