Investment Recommendation

X-Stock | GMD 90,400 +19%: Q1 2026 Earnings Update

Date

06/04/2026
Security code

GMD
Company

GEMADEPT GROUP
Expert name

Trần Nguyễn Tường Huy
Language

Tiếng Anh
Number of Downloads

4

Detailed report

BUSINESS RESULTS UPDATE

1.Q1/2026 business result: Net revenue = VND 1,452 billion (+14% YoY), NPAT-MI = VND 534 billion (+33% YoY). In particular:

• Port operation revenue reached VND 1,283 billion (+13% YoY), mainly driven by an increase in throughput at the Phuoc Long & Binh Duong port cluster +12% YoY, benefiting from cargo flows connected to the Gemalink deep-water port, thereby offsetting the -8% YoY decline at Nam Dinh Vu.

• Gross profit margin slightly decreased from 44.0% to 43.8% (-0.2 ppts). Meanwhile, EBIT margin declined 0.8 ppts, as SG&A expenses increased +18% YoY, causing the SG&A/Net revenue ratio to rise to 17.2%, compared with 16.6% in the same period last year.

• Profit from associates increased sharply +37% YoY, mainly due to the contribution from Gemalink. We estimate that profit from GML reached VND 359 billion (+49% YoY), due to (1) an increase in throughput +19% YoY, reaching 523,000 TEUs, (2) an improvement in the average selling price (ASP) following a 10% increase in handling tariffs effective from 01/02/2026.

2.2026F business plan:

• The company sets a target of revenue of VND 6,500 billion and PBT of VND 2,800 billion, increasing by +9%/+11% YoY, respectively, compared with the 2025 actual results. In addition, the company presents a stretch scenario with revenue/PBT reaching VND 6,800/3,000 billion, corresponding to increases of +14%/+20% YoY.

BSC’S ASSESSMENT

GMD’s business results in Q1/2026 are in line with BSC's expectations, with Net revenue and NPAT-MI reaching 20%/25% of our 2026F forecast, respectively. However, we believe the Hai Phong and Lach Huyen areas are points that need to be monitored further, as throughput at Nam Dinh Vu declined by -8% YoY. The reason may come from the indirect impact of the Middle East conflict, affecting transshipment cargo flows from feeder ports to major hubs.