We reiterate our BUY rating on GMD and revise up our target price (TP) 5% to VND35,900. While our top line growth and margin assumptions remain broadly unchanged, our TP increase is mainly due to rolling over our DCF valuation to mid-2020. Additionally, our valuation is positively impacted by our higher valuation of CJ Gemadept Logistics and Shipping (CJ Gemadept), for which we raise our 2019 earnings forecast by 59% and which is expected to contribute 3% to GMD’s bottom line in 2019F.