HAH – The low freight and time charter rates are putting pressure on the profit outlook for 2024
- Accumulated in 8M2023, containers volume of handling and shipping were 268 thousand TEU and 261 thousand TEU, respectively, completing 64% and 66% of the 2023 plan (before adjustment), completing 68% and 64% of our forecast, respectively.
- HAH adjusted the plan for the year 2023, net revenue and NPATMI are VND 2,669 billion (-17% YoY) and VND 400 billion (-51% YoY) respectively, representing a 10% and 19% reduction compared to the initial plan.
- Forecast for 2024, net revenue and NPATMI will be VND 2,700 billion (+1% YoY) and VND 92 billion (-77% YoY). EPS is 868 VND for 2024. We use the multiple method, target P/B and target EV/EBITDA of 1,2x and 4.6x respectively. We recommend to REDUCE with a target price of VND 32.300
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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