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Business Overview
HAH is a port operator in Hai Phong and largest sea container shipping company in Vietnam. HAH owns a 320,000 teus capacity port near Bach Dang bridge and 7 container ships with more than 7,500 teus carrying capacity. HAH also owns a logistic center at strategic location near Lach Huyen port cluster, largest port cluster in the North. HAH accounts for 30% market share in sea container transportation, which benefit from the surging container freight rate happening over the world.
Investment Thesis:
– Sea container transportation industry is being in uptrend cycle, freight rate has surged due to high demand;
– Biggest fleets in Vietnam at cheapest cost of investment, which create low-cost advantage over the rivals; government protection for domestic sea container transportation in Vietnam;
– International trade, export, import and domestic transportation demand has been being high, much higher than recent year;
– Containerization is trending in Vietnam and over the world;
– Stable income from port operation, thanks to HAH container fleet.
– 2 more vessels are coming in April, taking more market share and enjoy high growth in container throughput;
– Positive expectation from modifying Circular 54/2018/TT-BGTVT in 2021, which increase the stevedoring charge for all port, both domestic cargo and international cargo.
Risk:
– Increasing oil price is the most important risk, which impact negatively on the earning.
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