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 Research _Construction Sector Outlook 2026_Posititve_Feb 2026_en

05/03/2026

GTJASVN Research _Construction Sector Outlook 2026_Posititve_Feb 2026_en Pillars Supporting the 2026 Construction Industry Outlook 1.Public investment...

(EN) GTJASVN_CTG Equity Report_2025 Results Update & 2026 Outlook_Mar 02 2026

03/03/2026

BUSINESS UPDATE In 2025, VietinBank expanded its balance sheet with total assets reaching VND 2,768 tn (+16% YoY), outstanding loans VND 1,992 tn (+15.7%),...

(EN) GTJASVN Research_Vietnam Aviation Sector_Feb 11, 2026

11/02/2026

Vietnam’s aviation sector outlook remains positive, supported by strong growth in tourism and large-scale infrastructure investment under the 2021–2030...

Contact

    For compliance information, please contact:

    compliance@gtjas.com.vn

    • Stock index