Company Insight

Hai An Transport & Stevedoring Company (HAH) is a pioneer in shipping sector in Viet Nam. In 2024, HAH's NPAT reached VND 800 bn (+124% YoY), marking the second-highest profit in HAH's history. The company experienced a breakthrough in profit from Q2/2024, driven by the addition of new ships, strong growth in cargo throughput, and high freight rates. In 2025, HAH's business outlook is forecast to be positive, thanks to signed ship lease contracts at favorable rates in 2024, along with the addition of new vessels. Based on DCF methods, we update HAH’s target price at VND 60,000.