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GMD [BUY +19.9%] – Logistics and Port Operation Leader – Initiation

We initiate with a BUY on Gemadept, the leading integrated port and logistics services player in Vietnam. Logistics in Vietnam is a $US 45-50b industry, growing at around 20% per year and is expected to sustain double-digit growth for at least the next 5-10 years. Heavy investment in a slew of new Distribution Centers will help GMD lead the domestic logistics industry’s 3PL revolution; Nam Hai Dinh Vu port will continue to be the revenue growth driver in 2016.