Hai An Transport and Stevedoring (HOSE: HAH) | 2Q26 Update, BUY – Upside +27.4%

Strong Earnings Being The Backbone of Expansion Plan

HAH 2Q26 Performance

HAH delivered solid 2Q26 results, with revenue rising to VND 1,534bn (+20.3% YoY, +21.2% QoQ), while NPAT-MI increased 2.9% YoY and 24.0% QoQ to VND372bn. For 1H26, revenue and NPAT-MI reached VND 2,799bn (+14.5% YoY) and VND 672bn (+13.0% YoY), respectively, completing 54.4%/65.4% of management’s FY26 targets and 55.5%/56.1% of our full-year forecasts.

Growth was supported by vessel utilization of 90–95%, higher domestic freight tariffs and the shift of one vessel from self-operation to time charter to capture elevated charter rates. Domestic freight tariffs increased by approximately VND 1.0-1.5mn per container (~ 15-25%) from 19 March 2026. Gross profit rose 12.2% YoY to VND 636bn, while GPM remained healthy at 41.4%. PBT increased 12.9% YoY to VND 579bn.

We expect HAH’s operating momentum to remain solid in 2H26, supported by robust regional trade flows, sustained vessel utilization and the full-period benefit of higher domestic freight tariffs. Vietnam’s merchandise trade reached USD549.7bn in 1H26 (+27.1% YoY), while container throughput exceeded 15mn TEUs in 5M26 (+14% YoY), providing a supportive demand backdrop for HAH’s domestic and intra-Asia routes. The company’s exposure to both self-operated shipping and time chartering should support earnings visibility, although fixed charter contracts may limit near-term upside from further rate increases.

Earnings Forecast

We maintain our FY26E revenue and NPAT-MI forecasts at VND 5,039bn (-1.0% YoY) and VND 1,200bn (+1.1% YoY), respectively.  For FY27E, we forecast revenue and NPAT-MI of VND 5,080bn (+0.8% YoY) and VND 1,209bn (+0.7% YoY), respectively. Earnings growth is expected to accelerate in FY28E, with revenue reaching VND 5,804bn (+14.3% YoY) and NPAT-MI increasing to VND 1,482bn (+22.6% YoY), supported by the expected delivery and earnings contribution of new vessels.

Target Price and Rating

We revise our target price from VND 64,500/share to VND 59,100/share, reflecting a higher risk-free rate and WACC and the issuance of 3.5mn ESOP shares. HAH currently trades at 9.7x FY26E P/E, below the combined industry average of 11.6x. Based on the closing price of VND 46,400 on 10 August 2026, our revised target price implies 27.4% upside; we therefore maintain our BUY rating for HAH.