HAH Update – BUY

Hai An Transport & Stevedoring JSC (HSX: HAH)

HAH’s BOD approved a resolution on September 18, 2024, with the following key updates:

(1) The company revised its 2024 business plan, increasing total revenue by 19% from VNDbn 3,326 to VNDbn 3,957. Net profit attributed to the parent company was adjusted upwards by 55.2%, from VNDbn 290 to VNDbn 450.

(2) To support business expansion, HAH will purchase additional used Panamax container ships with capacities ranging from 3,500 to 5,000 TEUs.

For the 1H2024, profit-after-tax (PAT) has reached 59% of the 2024 pre-adjusted target and 38% of the revised target. Meanwhile, the total container throughtput was slightly revised up by 0.8%. Therefore, we believe that the company’s management remains quite optimistic about freight rate trends for the 2H2024. We currently rate HAH as BUY with a target price of VND 48,900 per share, indicating an upside potential of 24.1%.

View details in the attachment below.