GMD posted Q1 2021 results, in which revenue was up 14% YoY to VND687bn (USD30mn) and NPAT-MI increased 29% YoY to VND147bn (USD6.3mn). In Q1 2021, GMD’s top-line growth was mainly driven by the port segment, which achieved revenue growth of 16% YoY from a relatively low base in Q1 2020. Meanwhile, GMD’s bottom-line growth was further supported by an NPM expansion of 2.5 ppt YoY. We believe GMD’s port segment growth was mainly contributed from its ports in the Hai Phong port cluster in