Hai An Transport and Stevedoring (HOSE: HAH) | Initiation Report, BUY – FW2026 Upside +20.4%

Company Information

Founded in Hai Phong, Hai An Transport & Stevedoring JSC (HAH) is a pioneering private enterprise in Vietnam’s container shipping industry

Originally operating as a port operator, HAH made a strategic pivot ahead of the construction of Hoang Van Thu Bridge from 2017 to 2019 which connected to the VSIP Industrial Zone and later restricted large vessel access to Hai An Port. The company shifted its focus toward vessel operation and chartering – which has become its primary growth engine afterward. Currently, HAH operates a modern fleet of 17 container ships with a total capacity exceeding 28,000 TEU. According to Alphaliner’s latest ranking, HAH is now recognized among the Top 100 largest container carriers worldwide. The company maintains 2 main business lines including vessels operation and chartering services and port operation services.

Financial Performance

During 2022–2024, HAH recorded outstanding business growth. Consolidated revenue rose from VND 2,612 bn to VND 3,992 bn (CAGR 23.2%) and NPAT-MI increased from VND 599 bn to VND 1,013 bn (CAGR 30.4%). Key drivers for growth were fleet expansion combined with favorable time-charter rates in the period, which significantly enhanced business margins

In H1 2025, revenue reached VND 2,444 bn (+47.9% YoY), of which the vessels operation and chartering services segment contributed VND 1,976 bn (+48.3% YoY). Port operations also performed well with revenue of VND 172 bn (+36.2% YoY), though import–export volumes remained volatile due to US tariff policy. Consolidated gross margin improved to 39.1%, supported by the expansion of the time-charter fleet. Besides, the cooperation with Viconship (HoSE: VSC) - a new rising shareholder who has acquired over 15% stake in HAH - to transport containers through VSC’s ports helped increase container volume for HAH’s fleet while reducing external port service costs. NPAT-MI surged to VND 650 bn (+247.7% YoY) as a result

At the end of H1 2025, HAH’s total assets reached VND 8,129 bn (+11.5% YTD) mainly due to (i) the increase in fixed assets from the deployment of the new HAIAN ZETA vessel, and (ii) advance payments of VND 345 bn for two newbuild 3,006 TEU vessels to Jiangsu New Yangzi Shipyard. With a balance sheet heavily weighted toward vessels, the company secures stable cash flows while retaining long-term growth potential from higher shipping capacity

Investment Rationales

HAH holds a leading position in container shipping in Vietnam, supported by an integrated ecosystem of ports, depots, and fleet operations, as well as the new strategic alliance with VSC. We believe the company possesses a rare combination of scale and operational efficiency, making it an attractive candidate for long-term investment strategies

1. Vietnam maritime shipping industry offers solid outlook thanks to resilient trade momentum and long-term growth drivers

BVB’s smaller scale positions the bank to accelerate more swiftly than larger peers through capital raising and leveraging its strategic advantages:

o    The maritime shipping industry has navigated tariff headwinds in 9M 2025, underpinned by robust import–export activities. We forecast total trade growth of 8.3–8.5% in 2025 and expect growth to remain around 8% annually from 2026 onward. Containerized trade in Vietnam maintains an upward trajectory, expanding over 7% annually. This is supported by the solid FDI inflows which trigger import and export activities and the ongoing relocation of manufacturing from China

o    Several key projects in the north including Lach Huyen Berth 9-12, Nam Do Son, and the Lao Cai–Hanoi–Hai Phong railway are poised to enhance logistics connectivity and expand port capacity in Hai Phong, enabling the city to accommodate larger vessels and rising cargo volumes amid the global trend of fleet size expansion among major shipping lines

o    Regulatory reforms such as Resolution 68 on promoting private sector development, along with amendments to the Land and Maritime Laws, aim to attract private sector investment and modernize logistics infrastructure. This helps form a structural foundation for sustainable expansion of the sector ahead

2. HAH is well positioned to capture growth from both the rising trade volumes and the expansion of domestic economic activities

o    HAH is one of Vietnam’s leading integrated container logistics companies. Its businesses offer a full value chain including container shipping, port services, and depot operations. This vertically integrated model allows HAH to capture margin across multiple stages and reduce exposure to volatility in any single segment.

o    HAH owns the Nam Dinh Vu depot with an area of 154,000 m² in Hai Phong, the gateway of northern Vietnam’s industrial and export hub. It well benefits from the rising container volumes from FDI manufacturers and domestic exporters

o    HAH has expanded its fleet to 17 vessels, including newbuilds such as HAH Opus, HAH Zeta, and HAH Gama, strengthening capacity on both domestic and intra-Asia routes. It also plans to add 3,000+ TEU vessels to boost flexibility for time-charter and long-haul operations as demand stabilizes from 2026 onward

3. Revenue growth is expected to be soft in 2026–2027 after a booming year in 2025. We expect a robust upswing beyond 2027

o    HAH is one of Vietnam’s leading integrated container logistics companies. Its businesses offer a full value chain including container shipping, port services, and depot operations. This vertically integrated model allows HAH to capture margin across multiple stages and reduce exposure to volatility in any single segment.

o    HAH owns the Nam Dinh Vu depot with an area of 154,000 m² in Hai Phong, the gateway of northern Vietnam’s industrial and export hub. It well benefits from the rising container volumes from FDI manufacturers and domestic exporters

o     HAH has expanded its fleet to 17 vessels, including newbuilds such as HAH Opus, HAH Zeta, and HAH Gama, strengthening capacity on both domestic and intra-Asia routes. It also plans to add 3,000+ TEU vessels to boost flexibility for time-charter and long-haul operations as demand stabilizes from 2026 onward

3. Revenue growth is expected to be soft in 2026–2027 after a booming year in 2025. We expect a robust upswing beyond 2027

o      Revenue and profit in FY2025 are expected to be strong thanks to the rise of charter rates which helps improving performance of time charter business and the overall margin of HAH despite a decrease of freight rates due to the over-supply of vessels in the global that negatively impact the self-operated segments

o    In 2026-2027 period, we believe that freight rates could see a modest recovery due to the overhang over supply issue. Shipping volume may increase from the low base thanks to the organic sector growth and additional volumes from the partnership with VSC. However, time-charter revenue could be softer as charter rates normalize from the high base. These factors result in a soft growth of both revenue and profit during the window

o      Growth could return to be strong after 2027. We expect that self-operated logistics would grow solidly from the improvement of freight rates as the over-supply issue is less of a burden. For the time-charter segment, we forecast a 15.1% CAGR in revenue during 2027-2030, driven by the delivery of two new 3,000 TEU ships and improving charter rates alongside a rebound in global shipping demand. As a result, revenue and profit may post strong growth from 2028 onward

4. The partnership with VSC ensures an elevated cargo volume and meaningful workload for HAH’s fleet over the long-term horizon

o    The VSC’s recent increase in ownership of HAH to 15.3% allows both companies to leverage operational synergies and deepen strategic collaboration. For HAH, this partnership provides additional workload and improves fleet utilization amid sluggish global shipping demand. This would also strengthening its position within Northern Vietnam’s logistics network

5. Attractive valuation implies great potential upside

o      As of October 14, 2025, HAH is trading at 2025F P/E of 9.1x and EV/EBITDA of 5.0x, well below the seaport and shipping industry averages of 12.2x and 7.1x respectively. We believe HAH deserves higher valuation multiples due to (i) its leading position in maritime shipping with strong connectivity to key intra-Asia routes which would ensure stable demand for shipping, (ii) strategic partnership with VSC, which secures meaningful cargo volume and enhances port operation and maritime shipping synergies ahead, and (3) healthy balance sheet, HAH’s D/E stays at 0.6x and would drop to 0.4x in 2026 base on our projection. We target FW2026 P/E of 10.0x for the stock

Valuation and Recommendations

We apply three valuation methods (DCF, P/E, and EV/EBITDA) to derive HAH’s intrinsic value. We initiate a BUY recommendation with a Forward 2026 target price of VND 66,350/share, implying an upside potential of +20.4% compared to the closing price on October 14, 2025.