HAH - Profit continues to decline, but tends to stabilize in Q1-FY24
- In Q1-FY24, net revenue and NPATMI reached VND 704 billion (+7% YoY) and VND 60 billion (-50% YoY) respectively, competion 21%/20% of annual plan and 23%/20% of our forecast for 2024.
- In Q2 and Q3-FY24, HAH is expected to receive three newly vessels with a capacity of 1,700 TEU each, including one vessel participating under the BCC contract operated by An Bien Shipping Lines Corporation. Thus, HAH's fleet will be increased to 15 vessels with a total capacity of 21,000 TEU by the end of 2024.
- For 2024, forecast revenue and NPATMI are expected to reach VND 3,146 billion (+20% YoY) and VND 294 billion (-24% YoY), respectively, corresponding to an EPS of 900 VND.
- Using the multiple method, the target P/B and EV/EBITDA are 1.7x and 6.4x, respectively. We recommend ACCUMULATE with a target price of 43,500 VND per share.
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