Analyst Pin-board HAH – Chartering services to primarily drive strong earnings growth in 2H-2021
|
· We expect HAH’s charter revenue to reach VND 185 Bn in 2H2021, rising by 346 % YoY, strongly backed up by doubling charter rates from Hai An East and leasing out one more vessel named Hai An West. · Growth in average domestic transported volume per shipping trip will get tight in Q3-2021 due to strict distancing measures, followed by a recovery in Q4-2021. Meanwhile, export-import volume will decline in Q4-2021 as HAH cut off HCMC-Singapore service. Overall, we expect container transportation revenue to reach VND 500 Bn in 2H2021 (+6% YoY). · Considering the strong growth of chartering segment, we project that revenue/ NPAT in 2021F will amount to VND 1,700 Bn (+ 43% YoY)/392 VND Bn (+ 183% YoY). · HAH plans to sell 1.39 Mn treasury shares, equal 2.9% of total outstanding shares, leading to a diluted 2021F EPS of VND 8,035. The gain from selling treasury stocks will not be recorded in financial income. Applying PE target of 9.0x to 2021F EPS, we come up with a target price of VND 72,300, implying a total return of 20% based on the closing price Sep 24th 2021. We then recommend “BUY” 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.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.