We initiate on port operator GMD with a BUY rating and target price of VND33,300, implying a total projected stock return of 32.6%, inclusive of a 5.7% dividend yield. We expect GMD to be a major beneficiary of growing manufacturing activity in Vietnam. We forecast that the company will deliver steady long-term growth with a revenue and NPAT CAGR of 6.0% and 5.6% over 2018-2023, respectively, mainly driven by higher container throughput and affiliate net income.