HAH – Brief – [NONRATED] – Right size at the right time

Revenue rose 66% YoY to VND1,169bn, led by vessel operation thanks to increased intra-Asia transshipment demand. Net profit jumped 294% YoY to VND233bn on higher container rates and lower SG&A, despite rising financial costs. Intra-Asia rates surged in Apr-25 on strong transshipment and pre-tariff U.S. demand. HAH is set to gain from stable rates and higher volumes.