HAH – Brief – [NONRATED] – Earnings bottom are confirmed

For 6M24, HAH reported total revenue of VND1,653bn (+31% YoY) and NPAT-MI of VND171bn (-21% YoY), fulfilling 59% of the year earnings guidance. The latest data from Liner Analytics shows that the capacity anchored at Singapore has declined significantly since July, which suggests softer container rates. We believe the Red Sea Crisis couldn’t be resolved in no time and HAH can renew the contracts at higher rates, which have positive impact on 3Q24 and 4Q24 earnings.