GMD [MARKET PERFORM -1.8%] - Abnormal gain from divestment, solid core business in 2024F

- We maintain our MARKET PERFORM rating for GMD while increasing our target price (TP) by 3% to VND81,000/share.

- Our increased TP is mainly driven by rolling our model to mid-2025 from end-2024 while we keep our 2024-2028F core NPAT-MI forecasts broadly unchanged.

- We maintain 2024F core NPAT-MI (i.e., excluding divestments) unchanged at VND1.3tn (USD50.9mn; +63% YoY) as Q1 2024 results came broadly in-line with our forecast. GMD reported Q1 2024 strong core NPAT-MI of VND322bn (USD12.9mn; +59% YoY), which was driven by 56% YoY growth in GMD’s total throughput as export activities recovered from a low base in Q1 2023.