Company Insight

Hai An Transport & Stevedoring Company (HAH) is a pioneer in shipping sector in Viet Nam. After 9M/2024, HAH's NPAT reached VND 452 bn (+42.1% YoY), with Q3/2024 NPAT alone reaching VND 276 bn (+146% YoY). HAH's profit has accelerated since Q2/2024 thanks to the addition of new vessels, the opening of new domestic & international routes, and the strong growth in cargo volume. Based on DCF methods, we update HAH’s target price at VND 51,300.