We estimate GDA’s 2024 revenue and profit after tax to reach VND19,543 bn (+12%YoY) and VND490 bn, respectively – 1.7 times higher than 2023 thanks to a significant rebound in export volumes and enhanced profit margins. Our target price for GDA is VND41,800/share, with a forward P/E of 9.8x, lower than the industry’s 3-year average of 15.7x. We issue an OUTPERFROM rating for GDA, given its (1) Attractive valuation; and (2) Promising growth potential from the new factory.