BVSC estimates HAH’s NPAT-MI will growth at a CAGR of 11% during 2024-2029F. Fueled by (1) Its market leadership in domestic container transport by fleet scale, operating in a protected home market while expanding internationally, flexible in time chartering to benefit from a favorable environment; and (2) A comprehensive, end-to-end value chain, utilizing the Hai An port as its strategic hub, alongside integral warehousing and auxiliary depot operations. We adopt a combined valuation method of DCF and EV/EBITDA to define the fair value of HAH at VND71,000/share. Therefore, we recommend OUTPERFORM for HAH.

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