Analyst Pin-board HAH – Solid Container Vessels Operations to Drive 2021 Results
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· Preliminary revenue and net profit for 2021, per management, was respectively estimated VND 1,976 Bn (+ 66% YoY) and VND 440 Bn (+ 219% YoY), ahead of our expectations by 8% and 19%. We attributed the positive business results mainly to solid container vessels operation, which was strongly supported by favorable charter rates and higher domestic freight rates. · HAH will expand its container fleet by purchasing used vessels and order new-built vessels as well. Notably, the plan was approved for purchasing old vessel named Marine Bia from Fresh South Shipping S.A, which will be handed over in April 2022, followed by a five-month period of chartering and domestic transportation use from September 2022. · The chartering segment will be the key profit growth driver for 2022F. With long term chartering contracts for 1-2 years and high charter rates, we expect chartering revenue to jump by 175% to VND 623 Bn in 2022F, accounting for 26% of total revenue (vs 12% in 2021E). We project that higher contribution from this high profit margin operation should improve gross margin by 8.3 pps to 45.2% in 2022F. Meanwhile, shortage in domestic transportation capacity supply continues to cement shipping segment in 2022F. · We expect revenue/NPAT-MI to be VND 2,410 Bn (+ 22% YoY)/VND 696 Bn (+ 58% YoY) in 2022F. EPS for 2021/22F will stay at VND 8,397 (+ 196% YoY)/VND 13,273 (+ 58% YoY). |
Using a P/E multiple of 9x and FCFE with equal weight, we come up with a fair value of VND 89,500 per share, equivalent to return of 51% as of the closing price on January 17th, 2022. Thereby, we reiterate our BUY recommendation on the stock
Hai An Transport and Stevedoring Joint Stock Company (HAIANTS) is a Vietnam-based firm, which has been involved in maneuvering the Hai An marine port in Hai Phong City. The Company's regular undertakings are container loading, freight transporting, ship navigating and marine cargo storing. In order to support its business activities, HAIANTS has equipped the Hai An port with various infrastructures and apparatuses, which include piers, forklifts, freighter ships, marine cold warehouses and container stations. The Company's clients are from both within Vietnam and abroad.
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