Company Insight

Hai An Transport & Stevedoring Company (HAH) is a pioneer in shipping sector in Viet Nam. In the first nine months of 2025, driven by vibrant commercial demand, HAH achieved a revenue of VND 3,791 bn (+36.3% YoY), and NPAT of VND 1,040 billion (+130% YoY). We maintain an optimistic outlook for HAH's business operations for Q4/2025 and the full year of 2026 thanks to: (1) charter contracts signed at favorable rates in 2024, coupled with the addition of 2 new vessels in 2025, (2) time charter rates expected to remain at a good level and (3) cooperation with VSC, which helps HAH effectively access and utilize VSC's large port infrastructure, thereby increasing operating volume. Based on DCF methods, we update HAH’s target price at VND 71,400.