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GMD - [BUY +20.6%] - Strong growth to continue on the back of NHDV port expansion and ramp-up of new distribution centers - Update

We raise our target price for GMD by 4.5% and reiterate our BUY recommendation. Higher utilization pushed port operating revenue up 55%, or 100% of our forecast, which drove total revenue growth and gross margins. Total revenue increased 18.9% while gross margins expanded on the back of the rise in utilization of the NHDV port to touch 92%, which drove NPAT up 475% YoY, fulfilling 99% of our forecast. In 2016, the NHDV port will continue to help GMD ride the container traffic boom in the North.