| Title | X-Stock | GDA VND18,100 +17%: Internal Resilience |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Bussiness | GDA |
| Detail |
Date : 25/02/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 448 Kb Download: 0 Download |
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| Short Content |
BSC’S QUICK ASSESSMENT OF GDA’S 2025 BUSINESS RESULTS For 2025, GDA’s revenue and net profit fulfilled 97% and 89% of BSC’s forecasts, respectively. Net profit reached only 89% of our forecast, mainly due to much lower-than-expected export sales volume in 4Q2025. Based on our discussions with GDA and HSG, we believe this was mainly attributable to the following factors:
VALUATION VIEW UPDATE BSC recommends BUY on GDA, with a 2026 fair value of VND18,100/share, implying 17% upside versus the closing price on 23 February 2025. Our target P/B is 0.65x. Although the business outlook remains challenging, the 17% upside mainly reflects the stock’s deep valuation discount, with 2026F P/B currently at 0.56x. Compared with our previous report, BSC lowers its target price to reflect GDA’s more challenging outlook in 2026. |