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GMD [BUY +20.5%] - Strong core improvement overshadowed by asset liquidation loss - Update

We increase our target price for GMD by 3% and raise our rating to BUY. We remain optimistic about the medium term outlook for both the port and the logistics segments with our conviction underpinned by the solid progress on capacity expansion works. Furthermore, we believe that the current discount in valuation to regional peers is not justified.