Company Insight

Hai An Transport & Stevedoring Company (HAH) is a pioneer in shipping sector in Viet Nam. In 2025, HAH set a slightly increased business plan amid market volatility. In the first half of 2025, driven by buoyant trade demand, HAH completed nearly 64% of its set annual plan. We maintain a positive outlook for HAH's business operations for the entire year 2025 thanks to: (1) charter contracts signed at favorable rates in 2024, along with the addition of 1-2 new vessels in 2025; (2) the opening of new shipping routes, such as Intra-Asia, the US, and Europe; and (3) strong growth in global trade demand. Based on DCF methods, we update HAH’s target price at VND 71,100.