| Title | X-Alpha | HAH 58,900 +12%: Positioned for a Fleet Expansion Cycle |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Industry | Industrials |
| Bussiness | HAH |
| Detail |
Date : 15/10/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 313 Kb Download: 1 Download |
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| Short Content |
VALUATION VIEW Based on the P/E valuation method, BSC maintains a HOLD recommendation on HAH shares, with a target price of VND 58,900/share, implying an upside of 12% from the latest closing price of VND 52,500/share, based on the following rationale: The target P/E of 8.7x reflects HAH’s historical 5-year average valuation, a period during which (1) the company actively expanded its fleet and (2) container time-charter rates established a new baseline. 2026F – 2027F OUTLOOK
2026F BUSINESS PERFORMANCE FORECAST BSC forecasts revenue and NPAT attributable to parent shareholders in 2026F at VND 5,439 bn (+7% YoY) and VND 1,231 bn (+2% YoY), respectively; in 2027F, the respective figures are projected at VND 5,487 bn (+1% YoY) and VND 1,332 bn (+8% YoY), based on the following assumptions:
RISK: Prolonged conflict in the Middle East may keep energy prices elevated, affecting the company’s fuel input costs for vessel operations |