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HAH Equity report_Benefit from surging container freight rate_April2021

05/04/2021

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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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