Company Insight

Hai An Transport & Stevedoring Company (HAH) is a pioneer in shipping sector in Viet Nam. In Q1/2026, HAH continued to deliver strong earnings growth (+28.2% YoY), supported by the addition of a new vessel to its fleet and continued growth in transportation volume. We maintain a positive outlook for HAH’s business performance in 2026, driven by (1) the addition of two new vessels in 2026, (2) expectations that the time-charter market will remain favorable throughout 2026, and (3) the partnership with VSC, which enables HAH to better access and efficiently utilize VSC’s large port infrastructure, thereby supporting higher cargo throughput volumes. Based on DCF methods, we update HAH’s target price at VND 72,900.