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.
Featured Analysis
Oil & Gas – In-depth – [NEUTRAL] – 2H25 Outlook: Tailwinds at home, headwinds abroad
Aviation – In-depth – [NONRATED] – 2H25 Outlook: Hold Altitude
Derivatives: Rising liquidity
Market commentary: Market divergence
Derivatives: A breakout session?
Market commentary: Strong foreign inflows
Fund flow: Strong capital outflows in Thailand
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