HAH shares are targeted at a price of VND 55,000.

HAH shares are currently targeted at VND 55,000/share with growth potential. Forecasts indicate positive changes in HAH's revenue and profits in 2026, presenting an attractive investment opportunity for investors.

Asean Securities recommends monitoring the investment opportunity in HAH shares with a target price of VND 55,000 per share (a 3% increase compared to the market price), and a one-year investment horizon.

ASEAN projects HAH's revenue and after-tax profit for 2026 to reach approximately VND 5,050 billion (down 1% year-on-year) and VND 1,487 billion (up 6%), respectively.

According to Asean, HAH's growth driver comes from ship operations. Revenue from this segment has remained almost flat due to domestic competition, but time charter rates continue to support profitability.

HAH shares are targeted at a price of 55,000 VND (illustrative image).

Revenue for 2026F is projected to reach approximately VND 4,200 billion (0.8% growth), remaining almost flat due to the new fleet not yet being optimally utilized amidst increasing domestic competition. However, high time charter rates, driven by a shortage of feeder vessels under 3,000 TEU and prolonged Red Sea tensions, are expected to continue supporting HAH in renewing long-term contracts, increasing the proportion of revenue from vessel leasing, and maintaining high profit margins.

HAH's gross profit margin for 2026F is projected to remain high at 39–41%, thanks to high feeder mooring charter rates and an increased share of charter revenue from the commissioning of Green Park and Green Time.

HAH's next driving force is its port operations segment. HAH increased service prices to compensate for the decrease in volume, but the scale is not yet sufficient to create significant momentum. Revenue in 2026F is expected to reach approximately VND 350 billion (4.1% growth), thanks to the recovery of import and export, the adjustment of service prices upwards, and the application of fuel surcharges.

Although throughput at Hai An port may decrease due to the partial transfer of cargo to Nam Hai Dinh Vu to reduce capacity, cooperation with Viconship and the expanding logistics ecosystem is expected to offset much of this impact.

The next long-term growth driver comes from the Hai An Green Shipping Line joint venture. The joint venture with VSC helps HAH expand its fleet size and gradually increase its presence in the international container shipping market. The planned delivery of two 7,100 TEU vessels starting in 2028 is expected to usher in a new growth cycle for the company.

Source: https://suckhoedoisong.vn/co-phieu-hah-duoc-dinh-gia-muc-tieu-55000-dong-169260603203901515.htm