- We upgrade our rating for GMD to OUTPERFORM from MARKET PERFORM and raise our target price (TP) to VND57,400/share from VND55,500/share.
- Our higher TP is driven by rolling our TP horizon forward from end-2023 to mid-2024, which more than offsets our respective cuts of -3%/0%/-1% in 2023F/24F/25F NPAT-MI.
- We continue to factor the dilution effect into our forecasts and valuation from an upcoming rights issuance of ~100.5 million shares at a price of VND20,000/share that was approved by shareholders at GMD’s April 2022 AGM (see page 6).