Company Insight

Hai An Transport & Stevedoring Company (HAH) is a pioneer in shipping sector in Viet Nam. In 2025, fueled by robust trade demand and the expansion of transport routes connecting South China and Hong Kong, HAH recorded revenue of VND 5,091 billion (+27.3% YoY). NPAT reached VND 1,401 billion (+75% YoY), marking the highest profit level in the company’s operating history. We maintain an optimistic outlook for HAH's business operations for 2026 thanks to: (1) charter contracts signed at favorable rates, 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 77,280.