Asean has set a valuation target of VND 83,600 for GMD shares.

SKĐS - Asean Securities has put forward several positive arguments regarding GMD shares based on business results and future growth momentum.

Asean Securities recommends monitoring investment opportunities in GMD shares of Gemadept Group JSC with a target price of VND 83,600/share (up 12% from market price), and a 1-year investment horizon.

Asean Securities' investment thesis is based on projected business results for 2026, maintaining growth with revenue and after-tax profit reaching VND 7,000 billion (18% year-on-year growth) and VND 1,947 billion (11% year-on-year growth), respectively.

Asean has set a valuation target of VND 83,600 for GMD shares (illustrative image).

GMD's growth is driven by capacity expansion in both key port areas, such as the Nam Dinh Vu Port Phase 3 (an additional 650,000 TEU/year capacity) which will become operational from the end of 2025, increasing throughput. The Ha Nam Canal upgrade project will bring the depth in front of the berths to -9.5m, allowing the port to receive ultra-large vessels up to 55,000 DWT.

In addition, GMD also has the Gemalink deep-water port, phase 2, which commenced construction on April 17, 2026, in cooperation with CMA CGM shipping company, and is expected to be completed in Q4/2027, increasing the total capacity of the entire port to over 3 million TEU/year to accommodate the regional transshipment flow.

Furthermore, GMD directly benefits from the planned increase in port handling service fees for foreign trade. The price framework for container handling at deep-water ports will be adjusted upwards by approximately 10% from the beginning of 2026 according to the amended circular, supporting the expansion of Gemalink port's profit margins. In the North, its downstream port position gives it the ability to set more optimal service prices than its competitors in the Cam River region.

CMD also benefits from global trade shifts, such as import and export activities and FDI inflows into Vietnam maintaining their momentum thanks to the "China +1" supply chain shift and a deep network of free trade agreements (FTAs), ensuring an abundant supply of container through the port system.

Source: https://suckhoedoisong.vn/co-phieu-gmd-duoc-asean-dinh-gia-muc-tieu-83600-dong-169260529073536092.htm