BVSC estimates HAH’s NPAT-MI to grow at a CAGR of 10% during 2024-2029F. Growth engines: (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 market; 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. Applying a blended DCF and EV/EBITDA valuation approach, we established a fair value of VND67,200/share for HAH, implying a 22.4% upside. Consequently, we issue an OUTPERFORM recommendation for HAH.

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Please find the attached file below.