Flash note HAH– OUTPERFORM

HAH recorded Q4/2025 business results with NPAT reaching VND360 billion (+3.4% YoY). For full-year 2025, NPAT increased by 75% to VND1,401 billion, completing 123% of the annual plan. NPAT in 2026 is expected to decline slightly from the 2025 peak, as container freight rates are forecast to decrease. Rating OUTPERFORM with a target price of VND 66,000/share by end-2026.
HAH announced its Q4/2025 financial statements with revenue of VND 1,299 billion (+7.3% YoY) and NPAT of VND 360 billion (+3.4% YoY). Gross profit margin declined to 39.8% from 42.8%. Therefore, NPAT growth mainly came from a sharp 59% YoY reduction in G&A expenses to VND 35.5 billion, driven by lower outsourced service costs.
For full-year 2025, revenue reached VND 5,091 billion (+27.5% YoY) and NPAT reached VND 1,401 billion (+75% YoY). Of this, revenue from Ship operations (the largest segment, accounting for ~80% of HAH’s total revenue) increased by 27.7% YoY, while port operations grew by 14.3% YoY. This growth was driven by:
• Fleet expansion, with two new vessels added: Haian Zeta (February 2025) and Haian Iris (October 2025). As a result, total container fleet capacity increased by 10.5% to 29.3 thousand TEUs. In addition, Haian Gama, delivered in November 2024 and leased out throughout 2025, also supported revenue.
• Higher container volumes, also supported by the launch of new routes to Lianyungang (China) and Phnom Penh (Cambodia) in 2025.
• Improved gross margin in the vessel operations segment, rising to 28.5% from 21% in the previous year. The average Harpex Index increased by 31% YoY, enabling HAH to raise renegotiated charter rates for several vessels.
Outlook
International organizations forecast that the global container freight rates may decline by 15–20% in 2026 due to demand growth lagging behind supply growth. However, we expect HAH’s freight rates to decline only slightly, as domestic and intra-Asia shipping demand remains strong. In addition, charter rates remain at elevated levels, leading to a portion of domestic vessels to be prioritized for international routes. This reduces domestic vessel supply and helps sustain container freight rates.
Accordingly, we forecast HAH’s 2026 revenue to reach VND 5,245 billion (+3% YoY), while NPAT is expected to decline by 5.7% YoY to VND 1,321 billion due to lower container freight rates. Using the discounted cash flow (DCF) method, we value HAH at VND 66,000 per share by end-2026.