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GMD - New ports to drive future earnings; FOL lifted to 49% - AGM Note

We attended GMD’s AGM on May 30, 2018, in Ho Chi Minh City. or 2018, management guided for a 39.6% YoY decrease in revenue to VND2.4tn (USD106mn) and a 227.5% increase in NPBT to VND2.1tn (USD93.4mn). Shareholders approved lifting GMD’s foreign ownership limit (FOL) to 49% from 20.4%.