{"id":9592,"date":"2021-04-05T08:23:46","date_gmt":"2021-04-05T01:23:46","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&p=9592"},"modified":"2021-10-14T08:24:31","modified_gmt":"2021-10-14T01:24:31","slug":"hah-equity-report_benefit-from-surging-container-freight-rate_april2021","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/hah-equity-report_benefit-from-surging-container-freight-rate_april2021\/","title":{"rendered":"HAH Equity report_Benefit from surging container freight rate_April2021"},"content":{"rendered":"

Business Overview<\/strong><\/span><\/p>\n

HAH is a port operator in Hai Phong and largest sea container shipping company in Vietnam. HAH owns a 320,000 teus capacity port near Bach Dang bridge and 7 container ships with more than 7,500 teus carrying capacity.\u00a0 HAH also owns a logistic center at strategic location near Lach Huyen port cluster, largest port cluster in the North. HAH accounts for 30% market share in sea container transportation, which benefit from the surging container freight rate happening over the world.<\/span><\/p>\n

Investment Thesis:<\/strong><\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Sea container transportation industry is being in uptrend cycle, freight rate has surged due to high demand;<\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Biggest fleets in Vietnam at cheapest cost of investment, which create low-cost advantage over the rivals; government protection for domestic sea container transportation in Vietnam;<\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 International trade, export, import and domestic transportation demand has been being high, much higher than recent year;<\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Containerization is trending in Vietnam and over the world;<\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0Stable income from port operation, thanks to HAH container fleet.<\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2 more vessels are coming in April, taking more market share and enjoy high growth in container throughput;<\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Positive expectation from modifying Circular 54\/2018\/TT-BGTVT in 2021, which increase the stevedoring charge for all port, both domestic cargo and international cargo.<\/span><\/p>\n

Risk:<\/strong><\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Increasing oil price is the most important risk, which impact negatively on the earning.<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-9592","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"HAH Equity report_Benefit from surging container freight rate_April2021 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtht.com.vn\/en\/research\/hah-equity-report_benefit-from-surging-container-freight-rate_april2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HAH Equity report_Benefit from surging container freight rate_April2021 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"Business Overview HAH is a port operator in Hai Phong and largest sea container shipping company in Vietnam. 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