New Risk • Aug 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 02
Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2026 results: EPS: ₫2,445 (up from ₫1,096 in 2Q 2025). Revenue: ₫1.76t (up 18% from 2Q 2025). Net income: ₫1.13t (up 171% from 2Q 2025). Profit margin: 64% (up from 28% in 2Q 2025). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) missed analyst estimates by 8.0%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Annuncio • Jul 29
Gemadept Group Corporation Announces Change in Certificate of Business Registration of Gemadept Shipping and Maritime industry Holding Company Limited Gemadept Group Corporation received the 8th amended Enterprise Registration II3 THE WAY FORWAR Certificate dated July 23, 2026, issued by the Department of Finance of Ho Chi Minh City for Gemadept Shipping and Maritime industry Holding Company Limited. Buy Or Sell Opportunity • Jul 22
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.0% to ₫72,000. The fair value is estimated to be ₫92,916, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has declined by 21%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Upcoming Dividend • May 14
Upcoming dividend of ₫2,200 per share Eligible shareholders must have bought the stock before 21 May 2026. Payment date: 29 May 2026. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Vietnamese dividend payers (7.9%). Lower than average of industry peers (3.2%). New Risk • Mar 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Vietnamese stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Annuncio • Mar 12
Gemadept Corporation, Annual General Meeting, May 06, 2026 Gemadept Corporation, Annual General Meeting, May 06, 2026. Price Target Changed • Mar 05
Price target increased by 9.3% to ₫81,289 Up from ₫74,340, the current price target is an average from 9 analysts. New target price is 5.2% above last closing price of ₫77,300. Stock is up 27% over the past year. The company is forecast to post earnings per share of ₫4,930 for next year compared to ₫3,666 last year. Major Estimate Revision • Feb 28
Consensus EPS estimates increase by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ₫5.79t to ₫6.02t. EPS estimate increased from ₫4,126 to ₫5,026 per share. Net income forecast to grow 21% next year vs 10% growth forecast for Infrastructure industry in Vietnam. Consensus price target up from ₫72,927 to ₫77,900. Share price rose 13% to ₫84,400 over the past week. Reported Earnings • Feb 05
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ₫3,666. Revenue: ₫5.95t (up 23% from FY 2024). Net income: ₫1.54t (up 13% from FY 2024). Profit margin: 26% (down from 28% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 10.0%. Earnings per share (EPS) missed analyst estimates by 3.6%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Infrastructure industry in Asia. Buy Or Sell Opportunity • Jan 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.8% to ₫64,000. The fair value is estimated to be ₫80,258, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 6.5%. For the next 3 years, revenue is forecast to grow by 5.1% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Price Target Changed • Nov 24
Price target increased by 7.9% to ₫72,050 Up from ₫66,778, the current price target is an average from 12 analysts. New target price is 15% above last closing price of ₫62,900. Stock is down 1.7% over the past year. The company is forecast to post earnings per share of ₫3,802 for next year compared to ₫4,276 last year. Reported Earnings • Nov 03
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: ₫690 (down from ₫994 in 3Q 2024). Revenue: ₫1.56t (up 23% from 3Q 2024). Net income: ₫315.2b (down 5.9% from 3Q 2024). Profit margin: 20% (down from 27% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Oct 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to ₫70,500. The fair value is estimated to be ₫58,188, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 4.1%. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Buy Or Sell Opportunity • Sep 13
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to ₫69,200. The fair value is estimated to be ₫57,558, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 4.1%. For the next 3 years, revenue is forecast to grow by 5.6% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Reported Earnings • Jul 24
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₫135.7b (down 88% from 2Q 2024). Net income: ₫441.5b (up 46% from 2Q 2024). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Infrastructure industry in Asia. Declared Dividend • Jul 06
Dividend reduced to ₫2,000 Dividend of ₫2,000 is 9.1% lower than last year. Ex-date: 9th July 2025 Payment date: 17th July 2025 Dividend yield will be 3.3%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Jul 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Vietnamese stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (23% net profit margin). New Risk • May 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Vietnamese stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (23% net profit margin). Annuncio • May 06
Gemadept Corporation, Annual General Meeting, Jun 24, 2025 Gemadept Corporation, Annual General Meeting, Jun 24, 2025. Buy Or Sell Opportunity • Apr 18
Now 22% overvalued Over the last 90 days, the stock has fallen 22% to ₫48,650. The fair value is estimated to be ₫39,798, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 8.5% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Apr 08
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₫4,276 (down from ₫7,207 in FY 2023). Revenue: ₫4.83t (up 26% from FY 2023). Net income: ₫1.36t (down 38% from FY 2023). Profit margin: 28% (down from 57% in FY 2023). Revenue exceeded analyst estimates by 9.3%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫48,750, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Infrastructure industry in Asia. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫39,113 per share. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 35% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (21% accrual ratio). Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (29% net profit margin). Buy Or Sell Opportunity • Jan 02
Now 21% overvalued Over the last 90 days, the stock has fallen 14% to ₫66,200. The fair value is estimated to be ₫54,720, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 33% in the next 2 years. New Risk • Dec 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 35% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (29% net profit margin). Shareholders have been diluted in the past year (35% increase in shares outstanding). Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₫62,800, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Infrastructure industry in Asia. Total returns to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫53,129 per share. New Risk • Aug 03
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 29% Last year net profit margin: 58% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (29% net profit margin). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Reported Earnings • Aug 03
Second quarter 2024 earnings released: EPS: ₫882 (vs ₫6,111 in 2Q 2023) Second quarter 2024 results: EPS: ₫882 (down from ₫6,111 in 2Q 2023). Revenue: ₫1.18t (up 30% from 2Q 2023). Net income: ₫303.2b (down 81% from 2Q 2023). Profit margin: 26% (down from 179% in 2Q 2023). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 08
Upcoming dividend of ₫2,200 per share Eligible shareholders must have bought the stock before 15 July 2024. Payment date: 16 August 2024. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Vietnamese dividend payers (8.3%). Lower than average of industry peers (4.2%). Annuncio • Jul 04
Gemadept Corporation Announces Cash Dividend for 2023, Payable on August 16, 2024 Gemadept Corporation announced the Board resolution dated July 02, 2024, the BOD of Gemadept Corporation approved the record date to pay the 2023 cash dividend payment as follows: Record date is July 16, 2024. Exercise ratio of 22% per share (VND 2,200 per share). Payment time: August 16, 2024. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: ₫1,770 (vs ₫565 in 1Q 2023) First quarter 2024 results: EPS: ₫1,770 (up from ₫565 in 1Q 2023). Revenue: ₫1.01t (up 12% from 1Q 2023). Net income: ₫559.4b (up 232% from 1Q 2023). Profit margin: 56% (up from 19% in 1Q 2023). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 25
Price target increased by 11% to ₫81,320 Up from ₫73,283, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ₫81,400. Stock is up 51% over the past year. The company is forecast to post earnings per share of ₫3,961 for next year compared to ₫7,207 last year. Annuncio • Apr 16
Gemadept Corporation, Annual General Meeting, May 31, 2024 Gemadept Corporation, Annual General Meeting, May 31, 2024. New Risk • Apr 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 13% per year for the foreseeable future. High level of non-cash earnings (36% accrual ratio). Minor Risk Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₫80,500, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Infrastructure industry in Asia. Total returns to shareholders of 167% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫45,339 per share. Reported Earnings • Feb 01
Full year 2023 earnings released: EPS: ₫7,119 (vs ₫3,034 in FY 2022) Full year 2023 results: EPS: ₫7,119 (up from ₫3,034 in FY 2022). Revenue: ₫3.85t (down 1.3% from FY 2022). Net income: ₫2.22t (up 143% from FY 2022). Profit margin: 58% (up from 24% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jan 27
Price target increased by 8.0% to ₫67,683 Up from ₫62,671, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of ₫70,100. Stock is up 35% over the past year. The company is forecast to post earnings per share of ₫7,822 for next year compared to ₫3,034 last year. Reported Earnings • Nov 05
Third quarter 2023 earnings released: EPS: ₫738 (vs ₫744 in 3Q 2022) Third quarter 2023 results: EPS: ₫738. Revenue: ₫997.9b (flat on 3Q 2022). Net income: ₫254.1b (up 4.2% from 3Q 2022). Profit margin: 26% (in line with 3Q 2022). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Infrastructure industry in Asia. Board Change • Oct 10
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. No independent directors (8 non-independent directors). Chairman of the Board Nhan Van Do was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Annuncio • Sep 09
Gemadept Corporation Announces Cash Dividend of 2022, Payable on September 29, 2023 Gemadept Corporation announced cash dividend of 20%/par value (VND 2,000/share) for 2022, payable on September 29, 2023 with record as September 22, 2023. Annuncio • Jul 12
Gemadept Corporation Announces Termination of Operation of Branch Gemadept Corporation announced on July 6, 2023, the termination of operation of Da Nang branch at No.39 Quang Trung, Hai Chau I ward, Da Nang. Major Estimate Revision • May 23
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ₫5,318 to ₫4,553 per share. Revenue forecast steady at ₫3.91t. Net income forecast to grow 69% next year vs 17% growth forecast for Infrastructure industry in Vietnam. Consensus price target broadly unchanged at ₫58,483. Share price was steady at ₫49,600 over the past week. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: ₫617 (vs ₫832 in 1Q 2022) First quarter 2023 results: EPS: ₫617 (down from ₫832 in 1Q 2022). Revenue: ₫902.0b (up 2.5% from 1Q 2022). Net income: ₫202.2b (down 12% from 1Q 2022). Profit margin: 22% (down from 26% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 38% per year. Major Estimate Revision • Mar 09
Consensus EPS estimates increase by 14%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ₫4.03t to ₫3.94t. EPS estimate rose from ₫4,024 to ₫4,568. Net income forecast to grow 69% next year vs 12% growth forecast for Infrastructure industry in Vietnam. Consensus price target broadly unchanged at ₫58,500. Share price was steady at ₫51,300 over the past week. Reported Earnings • Feb 05
Full year 2022 earnings released: EPS: ₫3,037 (vs ₫1,869 in FY 2021) Full year 2022 results: EPS: ₫3,037 (up from ₫1,869 in FY 2021). Revenue: ₫3.92t (up 22% from FY 2021). Net income: ₫915.4b (up 63% from FY 2021). Profit margin: 23% (up from 18% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Jan 11
An unknown buyer agreed to acquire all shares in Nam Hai Dinh Vu Port Joint Stock Company from Gemadept Corporation (HOSE:GMD). An unknown buyer agreed to acquire all shares in Nam Hai Dinh Vu Port Joint Stock Company from Gemadept Corporation (HOSE:GMD) on December 19, 2022. The transaction was approved by Gemadept Corporation (HOSE:GMD) board of director. Price Target Changed • Jan 03
Price target decreased to ₫58,400 Down from ₫63,014, the current price target is an average from 8 analysts. New target price is 29% above last closing price of ₫45,400. Stock is down 4.0% over the past year. The company is forecast to post earnings per share of ₫2,916 for next year compared to ₫1,869 last year. Buying Opportunity • Dec 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.1%. The fair value is estimated to be ₫59,024, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings is also forecast to grow by 16% per annum over the same time period. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. No independent directors (12 non-independent directors). Member of Board of Management David Do was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 31
Third quarter 2022 earnings released: EPS: ₫744 (vs ₫386 in 3Q 2021) Third quarter 2022 results: EPS: ₫744 (up from ₫386 in 3Q 2021). Revenue: ₫991.9b (up 36% from 3Q 2021). Net income: ₫243.9b (up 93% from 3Q 2021). Profit margin: 25% (up from 17% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 20% per year. Annuncio • Oct 04
Gemadept Corporation Announces Cash Dividend of 2021, Payable on October 25, 2022 Gemadept Corporation announced cash dividend of 12%/par value (VND 1,200/share) for 2021, payable on October 25, 2022 with record as October 10, 2022. Ex-right date: October 7, 2022. Annuncio • Sep 30
Gemadept Corporation Announces Cash Dividend for 2021 Gemadept Corporation announced cash dividend of 12%/par value (VND 1,200/share) for 2021, payable on October 25, 2022 with record as October 25, 2022. Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: ₫878 (vs ₫436 in 2Q 2021) Second quarter 2022 results: EPS: ₫878 (up from ₫436 in 2Q 2021). Revenue: ₫977.9b (up 30% from 2Q 2021). Net income: ₫287.9b (up 119% from 2Q 2021). Profit margin: 29% (up from 18% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 54% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫46,050, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Infrastructure industry in Asia. Total returns to shareholders of 94% over the past three years. Major Estimate Revision • Jun 10
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ₫3.46t to ₫3.54t. EPS estimate increased from ₫2,479 to ₫2,769 per share. Net income forecast to grow 36% next year vs 12% growth forecast for Infrastructure industry in Vietnam. Consensus price target up from ₫58,820 to ₫60,820. Share price fell 6.0% to ₫55,000 over the past week. Price Target Changed • May 12
Price target increased to ₫58,820 Up from ₫54,717, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ₫56,500. Stock is up 55% over the past year. The company is forecast to post earnings per share of ₫2,543 for next year compared to ₫1,869 last year. Buying Opportunity • May 09
Now 20% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be ₫67,161, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has declined by 6.8%. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 37% in the next 2 years. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. No independent directors (12 non-independent directors). Member of Board of Management David Do was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Annuncio • Apr 14
Gemadept Corporation Announces Resignation of Ha Thu Hien as Member of the Board of Directors Gemadept Corporation announced resignation of Ha Thu Hien as Member of the Board of Directors. Date of resignation letter: April 04, 2022. Major Estimate Revision • Feb 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ₫2,299 to ₫2,675. Revenue forecast steady at ₫3.16t. Net income forecast to grow 45% next year vs 12% growth forecast for Infrastructure industry in Vietnam. Consensus price target broadly unchanged at ₫55,300. Share price rose 5.9% to ₫51,200 over the past week. Price Target Changed • Feb 17
Price target increased to ₫55,300 Up from ₫51,271, the current price target is an average from 5 analysts. New target price is 8.0% above last closing price of ₫51,200. Stock is up 55% over the past year. The company is forecast to post earnings per share of ₫2,299 for next year compared to ₫1,846 last year. Reported Earnings • Feb 11
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ₫1,846 (up from ₫1,149 in FY 2020). Revenue: ₫3.21t (up 23% from FY 2020). Net income: ₫556.4b (up 63% from FY 2020). Profit margin: 17% (up from 13% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 9.4%. Over the next year, revenue is forecast to stay flat compared to a 41% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Price Target Changed • Jan 05
Price target increased to ₫55,560 Up from ₫51,271, the current price target is an average from 5 analysts. New target price is 17% above last closing price of ₫47,600. Stock is up 43% over the past year. The company is forecast to post earnings per share of ₫1,661 for next year compared to ₫1,149 last year. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS ₫386 (vs ₫300 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫728.7b (up 5.3% from 3Q 2020). Net income: ₫126.5b (up 31% from 3Q 2020). Profit margin: 17% (up from 14% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS ₫432 (vs ₫322 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫751.7b (up 24% from 2Q 2020). Net income: ₫141.5b (up 48% from 2Q 2020). Profit margin: 19% (up from 16% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 06
Upcoming dividend of ₫1,200 per share Eligible shareholders must have bought the stock before 13 August 2021. Payment date: 16 September 2021. Trailing yield: 2.1%. Lower than top quartile of Vietnamese dividend payers (7.6%). Lower than average of industry peers (3.9%). Price Target Changed • Jul 09
Price target increased to ₫48,086 Up from ₫44,371, the current price target is an average from 7 analysts. New target price is 15% above last closing price of ₫41,850. Stock is up 118% over the past year. Price Target Changed • Jun 05
Price target increased to ₫43,767 Up from ₫40,540, the current price target is an average from 5 analysts. New target price is 8.7% above last closing price of ₫40,250. Stock is up 93% over the past year. Major Estimate Revision • Mar 04
Analysts update estimates The 2021 consensus revenue estimate was lowered from ₫2.82t to ₫2.74t. Earnings per share (EPS) increased from ₫1,349 to ₫1,616 for the same period. Net income is expected to grow by 14% next year compared to 29% growth forecast for the Infrastructure industry in Vietnam. The consensus price target increased from ₫28,600 to ₫34,640. Share price is down by 2.1% to ₫32,300 over the past week. Is New 90 Day High Low • Jan 12
New 90-day high: ₫36,350 The company is up 53% from its price of ₫23,800 on 14 October 2020. The Vietnamese market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫20,294 per share. Is New 90 Day High Low • Dec 10
New 90-day high: ₫30,150 The company is up 28% from its price of ₫23,600 on 11 September 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫5,283 per share. Price Target Changed • Nov 20
Price target raised to ₫27,450 Up from ₫23,850, the current price target is an average from 4 analysts. The new target price is close to the current share price of ₫26,900. As of last close, the stock is up 12% over the past year. Is New 90 Day High Low • Nov 11
New 90-day high: ₫25,250 The company is up 20% from its price of ₫21,000 on 13 August 2020. The Vietnamese market is up 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Infrastructure industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫5,037 per share. Reported Earnings • Nov 04
Third quarter 2020 earnings released: EPS ₫300 The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: ₫691.8b (flat on 3Q 2019). Net income: ₫96.8b (down 40% from 3Q 2019). Profit margin: 14% (down from 23% in 3Q 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 01
New 90-day high: ₫24,100 The company is up 28% from its price of ₫18,900 on 03 July 2020. The Vietnamese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫5,589 per share. Annuncio • Sep 19
Khong Co acquired 1.17% stake in Gemadept Corporation (HOSE:GMD) from Recollection Pte. Ltd. Khong Co acquired 1.17% stake in Gemadept Corporation (HOSE:GMD) from Recollection Pte. Ltd. on January 25, 2018. Recollection Pte. Ltd. sold 3.35 million shares of Gemadept Corporation. Upon completion, the stake owned by Recollection Pte. Ltd. will reduce from 7.46% to 6.29% stake in Gemadept Corporation.
Khong Co completed the acquisition of 1.17% stake in Gemadept Corporation (HOSE:GMD) from Recollection Pte. Ltd. on January 25, 2018.