Morning Brief

GMD

Technical Analysis

- VN-Index volatized yesterday between its resistance level of 1,290 and its MA5 support level of 1,278 with decreasing turnover. We expect the index to increase today, trying to cross 1,290 to consolidate the upward trend.

Fundamental Analysis

GMD [Rating: M-PF] – AGM documents

- Guides 2024 revenue and PBT of VND4.0tn (USD156.90mn; +4% YoY) and VND1,686bn (USD66.1mn; -46% YoY).

- The guidance has already considered the abnormal gains from the Nam Hai Dinh Vu port divestment in Q2 2023 (VND1,8tn/USD72.2mn) and the Nam Hai port divestment in Q1 2024 (VND336bn/USD13.2mn).

- Proposes a rights issuance plan of 103.5 million shares to existing shareholders (3:1 issuance ratio; exercise price of VND29,000/share vs current price of VND84,000/share).

- Proposes to pay a 2023 cash dividend of VND2,200/share (equivalent to a 2.6% dividend yield).

- We currently have a TP of VND81,000/share for GMD.

Other news

- On June 06, the SBV net withdrew VND250bn (USD9.8mn) via 1) T-bill issuance: VND5.8tn (USD227.9mn), 28D, 4.25%; 2) T-bill expiry: VND5.6tn (USD218.1mn). Since March 11, the SBV had net withdrew VND54.8tn (USD2.2bn).