{"id":9616,"date":"2021-05-31T08:30:33","date_gmt":"2021-05-31T01:30:33","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&p=9616"},"modified":"2021-10-14T08:31:42","modified_gmt":"2021-10-14T01:31:42","slug":"hah-update_freight-rate-and-charter-rate-remain-high_may2021_en","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/hah-update_freight-rate-and-charter-rate-remain-high_may2021_en\/","title":{"rendered":"HAH update_Freight rate and charter rate remain high_May2021_en"},"content":{"rendered":"

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 2 new investments in Hai An West and Hai An East at attractive price, which help to improve capacity during shortage of supply<\/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 Stable income from port operation, thanks to HAH container fleet;<\/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

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Strong raising in container vessel price and charter rate in 2021;<\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Shortage of capacity not yet be solved in near future, which is expected to keep freight rate staying high level;<\/span><\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Vietnam international trade benefit from the recovery of target market such as China, The US, Europe.<\/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

Recommendation<\/strong><\/span><\/p>\n

After Q1\/2021 result was annouced, we raise target price to 35,100 VND per share to reflect the fact mentioned above.<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-9616","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"HAH update_Freight rate and charter rate remain high_May2021_en - 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-update_freight-rate-and-charter-rate-remain-high_may2021_en\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HAH update_Freight rate and charter rate remain high_May2021_en - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"Investment Thesis –\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; 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