Research Center

HAH update_Freight rate and charter rate remain high_May2021_en

31/05/2021

Share:

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.

Danh sách báo cáo liên quan

GTJASVN_Sector Report_Port & Maritime Transport_Outlook 2026_OUTPERFORM_31.12.2025

08/01/2026

(EN) GTJASVN_Sector Report_Port & Maritime Transport_Outlook 2026_OUTPERFORM_31.12.2025 The Vietnamese port and Maritime Transport sector recorded...

GTJASVN Research _Steel Sector Updates_Dec 2025_ 24.12.2025

25/12/2025

(EN) GTJASVN Research _Steel Sector Updates_Dec 2025_ 24.12.2025 The steel industry continued to experience significant volatility in 2025, affected by...

(EN) GTJASVN RS_BANKING INDUSTRY OUTLOOK 2026_PUSHING THE PACE WITH GUARDRAILS ON_DEC 15, 2025

16/12/2025

(EN) GTJASVN RS_BANKING INDUSTRY OUTLOOK 2026_PUSHING THE PACE WITH GUARDRAILS ON_DEC 15, 2025

Contact

    For compliance information, please contact:

    compliance@gtjas.com.vn

    • Stock index
    • VNINDEX: 1867.9   12.34   (0.67%)
    • HNX: 247.1   -2   (-0.8%)