Company Insight

Hai An Transport & Stevedoring Company (HAH) is a pioneer in shipping sector in Viet Nam. In 1H/2026, HAH continued to deliver strong earnings, with net profit reaching VND818bn (+19% YoY), supported by the addition of two new vessels and higher freight rates, particularly emergency bunker surcharges (EBS). We maintain a positive outlook for HAH in 2026, driven by (1) the addition of two new vessels during the year and (2) a favorable time-charter market, which is expected to remain resilient in 2026 amid tight vessel supply and relatively stable charter demand. Based on DCF methods, we update HAH’s target price at VND 59,500.