Result Update Report: HAH - The challenges ahead
Entering Q2-FY23, sea freight rates can remain stable after a long period of decline, while charter rates have slightly improved when creating a bottom in Q1-FY23. This is considered as a psychological fulcrum that HAH's result will no longer experience too much impact from the reduction of freight and charter rates.
Combining the two methods of P/B and EV/EBITDA, our target price for HAH is 45,200 VND/share, equivalent to an expected return of 5% based on the closing price on June 08th, 2023. We maintain the mid-term ACCUMULATION recommendation demonstrating our positive view of the possibility of improving profitability in the next two quarters of 2023, thanks to the contribution of new leased vessels.
In the long-term, the ability to maintain the current high rental rates and the recovery prospects of the shipping segment are variables that investors need to follow up.
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.
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