GMD [OUTPERFORM +16.3%] - Trade activities expected to recover in H2 2023 - Update Report
  • 2023-05-19T00:00:00
  • Company Research

- 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).

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