Hai An Transport and Stevedoring (HOSE: HAH) | Q3 2025 Update, ADD – FW2026 Upside +10.5%

Q3 2025 Performance Continue to be Strong, Poised to Reach a Record Earnings in 2025

In Q3 2025, HAH posted strong profit growth, with revenue reached VND 1.4 tn (+19.4% YoY), mainly driven by the self-operated shipping segment, which recorded VND 905 bn (+45.3% YoY) thanks to higher volumes and workload following its cooperation with VSC. The chartering segment also maintained solid profitability, with revenue of VND 273 bn (+25.2% YoY) supported by charter rates stabilized at high base, estimated +35.2% YTD by Harper Petersen data.

For  9M 2025, HAH recorded revenue of VND 3.8tn (+36.3% YoY), achieving 83.2% of management’s FY2025 guidance, supported by (i) steady demand for intra-Asia container shipping and resilient export-import flows in Northern Vietnam, providing a solid cargo base; and (ii) synergies from the strategic partnership with VSC, which enhance container throughput at HAH’s ports and drive topline growth. NPAT-MI reached VND 899 bn (+142.7% YoY), exceeding the target by 3.9%, thanks to HAH’s operational efficiency, driven by lower G&A expenses following cost savings from reduced outsourced port services.

Based on our assumptions, we maintain our FY2026 Target Price at VND 66,350/share, implying a 10.5% upside from the current price of VND 60,500/share. Given that HAH’s share price has already risen 9.8% from VND 55,100/share since our initial coverage, we revised our rating from BUY to ADD, reflecting a valuation that is now approaching fair value after a strong rally.