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Investment Thesis
– Sea container transportation industry is being in uptrend cycle, freight rate has surged due to high demand;
– 2 new investments in Hai An West and Hai An East at attractive price, which help to improve capacity during shortage of supply
– Containerization is trending in Vietnam and over the world;
– Stable income from port operation, thanks to HAH container fleet;
– 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;
– Strong raising in container vessel price and charter rate in 2021;
– Shortage of capacity not yet be solved in near future, which is expected to keep freight rate staying high level;
– Vietnam international trade benefit from the recovery of target market such as China, The US, Europe.
Risk
– Increasing oil price is the most important risk, which impact negatively on the earning.
Recommendation
After Q1/2021 result was annouced, we raise target price to 35,100 VND per share to reflect the fact mentioned above.
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