{"id":9636,"date":"2021-08-05T08:38:01","date_gmt":"2021-08-05T01:38:01","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=9636"},"modified":"2021-10-14T08:38:53","modified_gmt":"2021-10-14T01:38:53","slug":"gtjasvn_hah-equityreport_freight-rate-and-charter-rate-skyrocket","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_hah-equityreport_freight-rate-and-charter-rate-skyrocket\/","title":{"rendered":"GTJASVN_HAH EquityReport_Freight rate and charter rate skyrocket"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><strong><span lang=\"EN-US\">Freight rate and charter rates\u00a0<\/span><span lang=\"EN-US\">skyrocket<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><strong><span lang=\"EN-US\">Investment thesis<\/span><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">Vietnam international trade benefit from the recovery of target market such as China, The US, Europe. Export and import and container throughput have been strongly raising regardless of new wave of Covid-19 outbreak in May;<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">Sea container transportation industry is being in uptrend cycle, freight rate has surged due to high demand. Freigh rate is climbing undisputedly to new high, more than 50% compared to May 2021 Container vessel price skyrockets second quarter, increase 3 times. \u00a0Shortage of capacity not yet be solved in near future, which is expected to keep freight rate staying high level until 2022, according to the company;<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">2 new investments in Hai An West and Hai An East at attractive price, which help to improve capacity during shortage of supply; 2900 teus of container received in May buying at cheap cost in first quarter is boosting the income since empty container is heavily in shortage over the world;<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">Stable income from port operation, thanks to HAH container fleet;<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><span lang=\"EN-US\">In Q<\/span><span lang=\"VI\">2<\/span><span lang=\"EN-US\">\u00a02021, HAH recorded consolidated revenue of\u00a0<\/span><span lang=\"VI\">4<\/span><span lang=\"EN-US\">49 billion VND (+72% y-o-y), gross profit of 141 billion VND (+135% y-o-y), NPAT of 82.3 billion VND (+130% y-o-y)<\/span><\/span><\/li>\n<\/ul>\n<div>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><strong>Risk<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">Increasing oil price is the most important risk, which impact negatively on the earning .<\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">We believe that risk of disrupting domestic business activity if will ever be impacted by Covid-19 Pandemic outbreak would be eliminated, since HAH is able to lease their vessels internationally at very high charter rate, when other liners are hunger for additional tonnage.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><strong><span lang=\"EN-US\">Recommendation<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><span lang=\"EN-US\">After Q<\/span><span lang=\"VI\">2<\/span><span lang=\"EN-US\">\/2021 result was announced, we raise target price to\u00a0<\/span><span lang=\"VI\">5<\/span><span lang=\"EN-US\">5,100 VND per share\u00a0<\/span><span lang=\"EN-US\">to reflect the fact mentioned above.<\/span><\/span><\/p>\n<\/div>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-9636","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_HAH EquityReport_Freight rate and charter rate skyrocket - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_hah-equityreport_freight-rate-and-charter-rate-skyrocket\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_HAH EquityReport_Freight rate and charter rate skyrocket - GTJA\" \/>\n<meta property=\"og:description\" content=\"Freight rate and charter rates\u00a0skyrocket Investment thesis Vietnam international trade benefit from the recovery of target market such as China, The US, Europe. 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