GTJASVN_HAH Equity Report_Buy Upside 16.7%__19.02.2025

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GTJASVN_HAH Equity Report_Buy Upside 16.7%__19.02.2025

19/02/2025

INVESTMENT THESIS

1.HAH continuously upgrades its fleet capacity to 26,500 TEU (+50.03% YoY) while maintaining its leading market share (30%) in the container shipping industry, significantly contributing to the revenue growth of its vessel operation segment amid the expected expansion of the maritime transport sector in 2025. Revenue and profit for 2025F are estimated to increase by +16.8% and +14.1%, respectively.

2. HAH is brought some benefits from the rising trend of hiring ships time chartering amid limited fleet supply growth compared to 2024. With exchange rates remaining high, HAH is expected to sign and renew multiple contracts at favorable charter rates, driving a breakthrough in revenue for this segment, reaching nearly VND 1,300 billion (+40.3% YoY)

3. Long-term prospects from expanding Intra-Asia shipping routes amid supply chain shifts due to a hazard U.S.-China trading war, along with taking advantages of leveraging the capabilities of major shipping players in the Zim – Hải An joint venture.

RECOMMENDATION

The valuation results estimate HAH’s stock price at VND 61,500 per share. Accordingly, we recommend BUY for HAH with a target return of 16.7% compared to the current price.

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