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GMD [O-PF +12.7%] - AGM note

We change our recommendation from BUY to O-PF due to 8% price gains achieved in May on the back of 2:1 stock dividend news. The AGM approved the new guidance for 2016: Revenue is targeted to grow modestly by 2%; PBT is projected to drop by 14.8%. The CEO explained that the expected PBT decline is due to the abnormal hike of reefer container volume during 2015, which boosted the profit of all Hai Phong port operators, not just Nam Hai Dinh Vu and Nam Hai of GMD.