HAI AN TRANSPORT AND

STEVEDORING JSC (HAH)

March 10, 2015

LISTING NOTE
Listing date

3/11/2015

Reference price (VND/share)

Bloomberg ticker: HAH VN

40,000
Exchange:

Industry:

HSX

Logistics

Outstanding shares (mn)

23.2

Market cap (VNDbn)

927.8

Foreign-owned ratio (%)

0.0%

Free-float ratio

23.29%

Year

Div.Yield

EPS

2015E Management target

7.5%

4,828

2014

7.5%

5,740

2013

6.3%

3,619

2012

4.5%
2011 14
CAGR
51.2%

1,028
2015E
(VNDbn)
685

Revenues
Net income

91.9%

112

HAH

Peers

VNI

P/E

*7.0x

7.6x

13.0x

P/B

*2.1x

1.5x

1.9x

Debt/Equity

44%

8%

113%

Profit margin

31%

26%

10%

ROE

35%

20%

15%

ROA

23%
15%
3%
(*): based on reference price

2014

Company description:
HAH was established in 2009 as a limited company
with the largest shareholder of Hanoi Marine Holding
Company (MHC-HSX).
HAH owns Hai An Port in Haiphong. The company
provides port operation (68% of 2014 revenues), and
shipping services (32%).
2014 unaudited results: total assets: VND739 billion
(USD34 million); total equity: VND436 billion (USD20
million); net revenues: VND431 billion (USD20 million);
net income: VND133 billion (USD6 million).

Transaction summary: Hai An Transport and Stevedoring JSC

(HAH) will list 23,196,232 shares on the Ho Chi Minh Stock
Exchange (HSX) with a reference price of VND40,000 per share on
March 11, 2015. During the next six months the free-float ratio will
only be 23.29 percent.
High growth potential for the Haiphong area: We see
potential for stronger long-term growth thanks to the Trans-Pacific
Partnership agreement (TPP). Additionally, export and import in
the area is expected to grow faster due to new economic zones
with complete and connected infrastructure between Haiphong
and the border gate with China.
Stable shipping segment: HAH just put into operation two
container vessels which operate in domestic route. With the
support from its major shareholders, the company can maintain a
stable container throughput for its core businesses in the course of
fiercer competition within the area.
Companys weaknesses and threats: The companys port
position is unfavorable at the middle of maritime channel from the
pilot point to the last port in Cam River in Haiphong area. The port
has only one 150-meter berth, which limits its throughput.
Additionally, the company might have to face stiffer competition
when new projects are launched such as Lach Huyen International
Port, VIP Greenport.
2015 management targets: The company expects to achieve
VND685 billion (USD32 million) in total revenues, up 59 percent yo-y, and VND112 billion (USD5 million) in net income, down 16
percent y-o-y. The company expects to pay 2015 dividends of 30
percent on par in cash.
Fully available foreign room: Currently all of HAHs shares are
held by Vietnamese investors, meaning that the full foreign
ownership limit is still available.

Please see important disclosure information at the end of this report.

www.VPBS.com.vn

Page | 1

CONTENTS
COMPANY OVERVIEW ............................................................................................................................................................. 3
MARKET POSITION .................................................................................................................................................................. 3
FINANCIAL PERFORMANCE .................................................................................................................................................... 5
OPPORTUNITIES AND CHALLENGES ..................................................................................................................................... 7
MANAGEMENT PLAN .............................................................................................................................................................. 8
PEER COMPARISON ................................................................................................................................................................. 8
SUMMARY FINANCIAL STATEMENTS .................................................................................................................................. 9

www.VPBS.com.vn

Page | 2

COMPANY OVERVIEW
The company has two segments:
port operation and shipping.

Hai An Transport and Stevedoring JSC (HAH) was established in 2009 as a private
limited company, whose capital was contributed by four companies: Marine Supply
and Engineering Services JSC (MAC-HNX), Hai Minh Corporation (HMH-HSX), Hanoi
Marine Holding Company (MHC-HSX) and Hai An Shipyard JSC.
HAH operates in the logistics segment to provide various services:
Port operation: The company owns Hai An Port (both conventional and container
port), which is located in Haiphong area and can accommodate up to 20,000 DWT
(deadweight ton) or 1,800 TEU (twenty foot equivalent unit) vessels. The company
provides a wide range of services such as: loading/unloading container, cargo
handling services, container yard operation, container freight storage (CFS), etc.
Shipping: HAH owns two container vessels with total capacity of 1,921 TEUs.
These vessels operate in domestic routes between Haiphong and Ho Chi Minh City.
As of November 28, 2014, HAH had 311 shareholders, of which, institutional
shareholders accounted for 79.7 percent of total shares. Hanoi Marine Holding
Company (MHC-HSX) is the largest shareholder with a 27.93 percent stake.

Ownership structure
Treasury
shares
1%

Others
17%

Management
8%

Shareholder structure
Shareholders
MHC - HSX
28%

MACS
5%

100.0%

Institutional

18,486,881

79.70%

4,452,248

19.19%

257,103

1.11%

0.0%

23,196,232

100.0%

Individual
Foreign

Hai Ha
9%

TMS - HSX
24%

Ownership

23,196,232

Treasury shares
Hai Minh
2%

No. of shares

Local

Total

MAC - HNX
6%
Data as of 12/31/2014. Source: Company data

Data as of 11/28/2014. Source: Company data

MARKET POSITION
In comparison with other ports, Hai An Port has a preferable position to Greenport of
Vietnam Container Shipping JSC (VSC-HSX), Chua Ve Terminal and Hoang Dieu
Terminal of Haiphong Port Company JSC. However, the companys port position is
less competitive than Dinh Vu Port of Dinh Vu Investment and Development JSC
(DVP-HSX) and Nam Hai Dinh Vu of Gemadept Corporation (GMD-HSX).

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Page | 3

Location of Hai An Port

Source: VPBS collected

HAHs
port
position
is
unfavorable as it is in the middle
of the maritime access channel.

In terms of port operation, Hai An Port has designed capacity of 200,000 TEUs per
year. Since 2013, the companys container throughput surpassed this figure. Hai An
Port has one berth with a length of 150 meters. The maximum vessel size that the
port can accommodate is 20,000 DWTs or 1,800 TEUs.
In terms of shipping, two vessels of HAH were put into operation in 2014. These ships
operate domestic routes based on the support and cooperation of the companys
shareholders: Transimex Saigon Corporation (TMS-HSX), Hanoi Marine Holding
Company (MHC-HSX), MACS Maritime Corporation (MACS), and Marine Supply and
Engineering Services JSC (MAC-HNX). The reasons why the company invested in
this segment although the competition is quite high are: (1) the companys port
already operates above capacity, leading to a requirement for expansion; and (2) this
will ensure sufficient throughput for the company when there is fiercer competition
from new port projects such as: VIP Greenport (VSC) and Lach Huyen port.

Comparison with other ports capacity

Name of Port
Tan Cang
Nam Hai
Hai An
Dinh Vu
Tan Cang 198
PTSC Dinh Vu
Hoang Dieu
Chua Ve
Doan Xa
Green Port
Transvina

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No of
berths
5
1
1
2
1
1
11
5
1
2
1

Max vessel
Maximum
size (DWT)
draft (m)
20,000
10.5
10,000
9.0
20,000
8.7
40,000
8.7
15,000
8.7
20,000
8.5
10,000
7.4
10,000
8.4
10,000
8.4
20,000
8.0
12,000
7.8
Source: Company data

Companys facilities
Item
Port operation
Berth
Container yard
Container depot
CFS
Shipping
HaiAn Park
HaiAn Song

Capacity
One berth with 150m in length
150,000 square meters (sqm)
55,000 sqm
4,000 sqm
800 TEUs
1,121 TEUs

Source: Company data

Page | 4

FINANCIAL PERFORMANCE
Revenues and cost
CAGR of HAHs port revenue is
higher than DVP and VSC.

In shipping segment, fuel cost

accounts for 52% of total costs.

Net revenues enjoyed a compound annual growth rate (CAGR) of 51.2 percent from
2011 to 2014 due to (1) high growth rate from port operation segment and (1)
addition from shipping segment in 2014. The port segment, on its own, still enjoyed a
CAGR of 32.9 percent, which was much higher than its competitors such as: DVP (6.9
percent) and VSC (8.5 percent).
In terms of cost, according to the company, fuel expenses (including petroleum and
electricity) account for eight percent and 52 percent in ports loading and unloading
services and shipping services, respectively. The company purchases fuel from
domestic parties. HAH management estimates that its profit would increase 2.1
percent when oil prices decrease 10 percent.
Meanwhile, electricity is used mostly in CFS and port segment. Therefore, if the
electric price goes up, the companys gross margin might be reduced.
Revenue structure
Shipping revenue
Port revenue
Port gross margin

VNDbn
500
400

Cargo structure

46%
42%

45%

50%
48%

300

40%
30%

300
250

200

20%

100

10%

50

0%

0
2012

2013

2014

Source: Company data

23

200
150

2011

Foreign cargo
Domestic cargo

'000
TEUs

62

38
226

100

160

150

2012

2013

9M2014

Source: Company data

Profitability
The company has been highly
profitable with a CAGR of net
profit of 91.9% from 2011 to
2014.

From 2011 to 2014, the company achieved a CAGR of net income of 91.9 percent,
much higher than the growth rate of revenues. However, net margin tends to
experience a down trend from 2012 till now. This is because from 2013, the company
operated over capacity and faced with stiffer competition from its competitors.
In 2014, the company launched its new shipping segment. With a gross margin of
only 12.8 percent, shipping led to a decline in total gross margin from 45 percent in
2013 to 37 percent as well as a decline in net margin. At the same time, the port
segment managed to increase its gross margin to 48 percent in 2014.
However, ROA and ROE of the company increased significantly from 2011 to 23
percent and 35 percent in 2014, respectively.

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Page | 5

Gross margin and net margin

Net income
Net margins
50%

46%
42%

ROA and ROE

Gross margin

150

45%
37%

40%
37%

30%

VNDbn

37%

120

20%

800

80%

600

60%
35%

400
60
30

15%

0%

0
2011

2012

2013

Equity
ROE

90
31%

10%

Total assets
ROA

VNbn

2014

27%

27%

19%

20%

2012

2013

200

23%

40%

20%

0%
2011

Source: Company data

2014

Source: Company data

Solvency and liquidity

Due to the high capital requirements of investing in its port and purchasing two
vessels, HAHs borrowings rose significantly from 2011 to 2014. However, the
company was still able to manage its solvency and liquidity due to its high current
ratio and low debt-to-equity ratio.
From 2015 onwards, the company does not have any investment plan. Therefore, we
believe that the companys borrowings will decline.
Liquidity analysis
2011

2012

2013

2014

Cash ratio *

1.3x

1.2x

1.4x

0.7x

Quick ratio

2.1x

2.0x

2.3x

1.3x

Current ratio

2.3x

2.1x

2.5x

1.8x

Debt-to-equity

52%

34%

22%

44%

Debt-to-total assets

33%

24%

17%

26%

Debt/EBITDA

1.8x

1.0x

0.6x

1.1x

EBITDA/ Interest expenses

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6.9x
12.7x
21.0x
31.3x
Note:*cash ratio = (cash + cash equivalent) / current liabilities
Source: Consolidated financial statements, VPBS summary

Page | 6

OPPORTUNITIES AND CHALLENGES

Opportunities
High growth potential of industry:
Vietnams port industry will
enjoy a high growth rate thanks
to new free-trade agreements.
Haiphongs port throughput will
grow 14% to 16% per year.

Statistics of the Vietnam Marine Administration (Vinamarine) showed that the CAGR
of throughput in Vietnam from 2009 to 2014 was about 8.1 percent and reached
approximately 370.3 million tons in 2014. The container trade grew with a higher
CAGR of 16.7 percent during the same period to achieve 10.2 million TEUs in 2014.
Ports in the Haiphong area accounted for 17.8 percent of 2014 market share of the
Vietnam port system. From 2009 to 2014, this area had a CAGR of cargo throughput
of 14.6 percent, which was higher than the growth rate of the full Vietnam port
system.
In our view, the volume throughput of the Haiphong port area will grow from 14
percent to 16 percent per year till 2020. The main reasons are the rapid growth rate of
manufacturing activities in the North area (e.g. electronics, garment and tires) and
the support from growing cross-border transit trade with southern China, through the
border gate with Mong Cai, Lang Son and Lao Cai.
Another supporting factor is the improved quality of infrastructure that connects with
Haiphong City. Recently, Vietnam has put into operation many highway roads such
as: Haiphong Quang Ninh highway and Haiphong Hanoi highway, etc. This has
led to the reduction in transportation time as well as logistics cost. As such, this
creates a competitive advantage for this area.
Challenges
Tougher competition:

Lach Huyen International Port

will create the main threat to
existing ports, including HAH.

The giant project, Lach Huyen International Port is expected be put into operation
from 2017 onwards. This port can accommodate big vessel sizes up to 100,000 DWTs
or 8,000 TEUs. It also has a more favorable position than the other ports as its
located next to the pilot point. Due to the infrastructure that connects Lach Huyen
Port with the inland economic zone, the project will be a significant threat to existing
ports. It can create an oversupply status to existing ports, which could lead to a price
war and reduce margins of all ports.
Increment of fuel expenses:

Oil prices are expected to

rebound in the second half of
2015 and the electricity prices go
up since March 2015, leading to
a reduction in gross margin.

Approximately 50 percent HAHs shipping segment costs come from fuel expenses.
From 2015 onwards, the shipping segment will account for 50 percent or more of the
consolidated revenues of the company, which means that fuel costs will be important
as well. Oil prices have been fluctuating unpredictably but are forecasted to rebound
in the second half of 2015 by the US Energy Information Administration (EIA) or other
notable organizations.
Additionally, according to Electricity of Vietnam, the electricity price will increase 7.5
percent on March 16, 2015, causing a decline in gross margin of port segment.
Lack of stock liquidity:
In the first six months from the listing date (March 11, 2015), 17,793,381 shares will
be restricted from transfer leaving the free-float ratio at 23.3 percent. During the
following six months, the free float ratio will increase to 61.7 percent of ordinary
shares.

www.VPBS.com.vn

Page | 7

MANAGEMENT PLAN
In 2015, due to increment of the
shipping segment which has a
low profit margin, the company
expects net profit to decrease
16% y-o-y.

The company expects a stable container throughput of 120,000 TEUs per year via its
vessels from 2015 onwards.

Having a logistics center in Dinh

Vu Cat Hai area is a huge
opportunity for fast growth of
logistics companies.

The company also applied for permission to establish a logistics center for Dinh vu
Cat Hai area in 2014, which might help the company expand its business activities in
the logistics segment. Dinh Vu Cat Hai area is expected to be the leading economic
zone of the Haiphong area thanks to (1) the Vietnam Singapore Industrial Park, which
was established in the Dinh Vu area, leading to many new huge factories and (2) the
full and complete infrastructure connecting Haiphong to the rest of Vietnam via
express highways to Hanoi, Quang Ninh and etc.

For 2015, management expects revenues to achieve VND685 billion (USD32 million),
up 59 percent y-o-y thanks to shipping segment. The company also expects net
margin to be 16 percent due to the increasing prominence of the shipping segment
which has a lower profit margin than port segment.

Since the port and shipping segment will cope with stiffer competition from domestic
players and there is not much room available for high growth potential, expanding
business to contract logistics is one of the methods for the companys growth. We
believe that HAH should get approval and start to establish its infrastructure from
2016 onwards.
Management targets
2014
unaudited result
232
431
133
31%
30%

(VNDbn)
Charter capital
Net revenues
Profits after tax
Net margin
Dividends (% on par)

2015
% y-o-y
target
232
0%
685
59%
112
-16%
16%
30%
Source: Company data

% y-o-y
0%
93%
61%

PEER COMPARISON
At a reference price of VND40,000 per share, the 2014 P/E of HAH is slightly lower
than the median of its local peers, despite its higher ROA, ROE and net margin.
Peer-group analysis
Ticker Exchange

DVP
VSC
CLL
PDN
DXP
STG

HSX
HSX
HSX
HSX
HNX
HSX

Market
cap

Company name

Dinh Vu Port Investment & Development JSC

Vietnam Container Shipping JSC
Cat Lai Port JSC
Dong Nai Port JSC
Doan Xa Port JSC
South Logistics JSC

Average
Median
HAH

HSX

Hai An Transport and Stevendoring JSC

2014
Sales

Net income

Current
ROE

ROA

Debt /
Net
equity margin

P/E

P/B

VNDbn

VNDbn

% y-o-y

VNDbn

% y-o-y

1,996
1,822
768
419
311
193

542
891
235
270
160
873

8%
13%
18%
33%
-16%
32%

228
248
76
48
40
30

16%
3%
-7%
6%
-26%
25%

30%
25%
20%
16%
17%
21%

24%
19%
15%
11%
15%
14%

16%
1%
25%
46%
0%
0%

42%
28%
33%
18%
25%
3%

8.8
7.4
10.0
6.6
7.8
6.4

2.5
1.7
2.0
1.3
1.3
1.3

918
593

495
406

15%
15%

112
62

3%
5%

22%
20%

16%
15%

15%
8%

25%
26%

7.8
7.6

1.7
1.5

928

431

93%

133

61%

35%

23%

44%

31%

7.0

2.1

Note: HAHs figure is based on its reference price. Data as of 3/9/2015. Source: Bloomberg, VPBS

www.VPBS.com.vn

Page | 8

SUMMARY FINANCIAL STATEMENTS

INCOME STATEMENT (VNDbn)
Revenues

2011A

2012A

2013A

2014*

125

191

224

431

53.1%

17.2%

92.6%

74

90

229
201

Accounts receivables

% y-o-y
COGS
Gross profits (excl. depreciation)

49
76

117

133

BALANCE SHEET (VNDbn)

2011A

2012A

2013A

2014*

Cash & near cash items

30

46

64

77

Short term investments

17

28

36

58

21

Inventories

Selling expenses

13

15

18

27

Selling and G&A expenses

13

15

18

27

EBITDA

63

101

116

174

Long-term investments

24

29

33

42

Other long-term assets

G&A expenses

Depreciation & amortization

EBIT

40

72

82

132

Financial expense

22

Net other incomes / (expenses)

(0)

(0)

(2)

19

70

83

136

Financial income

Income from associates

28

Current assets

Other current assets

52

80

119

193

Net fixed assets

291

317

287

521

11

21

Long-term assets

295

323

298

546

Total assets

348

403

418

739

Accounts payable
Short-term borrowings
Other short-term liabilities
Current liabilities

EBT

Long-term borrowings

Tax expense
Effective tax rate
Net income
% margin

2.3%

-0.6%

1.0%

1.9%

19

70

83

133

15.1%

36.8%

36.9%

30.9%

272.5%

17.6%

61.4%

3,619

3,557

5,740

% y-o-y
EPS (VND)

1,028

Other long-term liabilities

16

24

44

21

19

56

22

37

47

109

102

77

52

134

60

Long-term liabilities

102

77

52

194

Total liabilities

125

114

99

303

206

270

270

291

17

54

63

102

-35

-14

43

Share capital & APIC

Retained earnings
Other equities

2011A

2012A

2013A

Gross margin (excl. depreciation)

60.9%

61.2%

EBITDA margin

31.8%

37.9%

Operating margin

50.8%

53.1%

51.7%

40.4%

CASH FLOW STATEMENT (VNDbn)

Net profit margin

15.1%

36.8%

36.9%

30.9%

Cash from operation activities

Return on avg. assets

18.7%

20.1%

23.0%

Return on avg. equity

27.4%

27.1%

35.3%

RATIO ANALYSIS

9
13

2014*

Equity

223

289

319

436

59.6%

46.8%

Total liabilities and equity

348

403

418

739

36.8%

30.6%
2011A

2012A

2013A

2014*

46

94

109

172

Cash from investing activities

(40)

(14)

(14)

(266)

Cash from financing activities

14

(64)

(77)

108

Net changes in cash

20

16

17

14

Profitability ratios

Leverage ratios
EBITDA / (I + capex)

1.3x

4.0x

12.9x

0.6x

Total debt/capital

34.0%

25.3%

18.1%

30.4%

Total debt/equity

51.5%

33.8%

22.1%

43.7%

Beginning cash balance

10

30

46

64

Asset turnover

2.8x

2.1x

1.9x

1.7x

Ending cash balance

30

46

64

77

Accounts receivable turnover (days)

49.8

53.3

59.4

49.2

Accounts payable turnover (days)

69.8

77.3

98.6

69.9

Liquidity ratios

Inventory turnover (days)

2.5

5.5

17.6

33.2

Current ratio

2.3x

2.1x

2.5x

1.8x

Quick ratio

2.1x

2.0x

2.3x

1.3x

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(*) unaudited

Page | 9

CONTACT INFORMATION
For further information regarding this report, please contact the following members of the VPBS
research department:
Barry David Weisblatt
Head of Research
barryw@vpbs.com.vn
Luu Bich Hong
Director - Fundamental Analysis
honglb@vpbs.com.vn

Nguyen Thi Quynh Trang

Research analyst
trangntq@vpbs.com.vn

For any questions regarding your account, please contact the following:
Marc Djandji, CFA
Head of Institutional Sales and Brokerage
& Foreign Individuals
marcdjandji@vpbs.com.vn
+848 3823 8608 Ext: 158
Ly Dac Dung
Head of Retail Sales and Brokerage
dungld@vpbs.com.vn
+844 3974 3655 Ext: 335
Vo Van Phuong
Director of Retail Sales and Brokerage
Nguyen Chi Thanh 1 - Ho Chi Minh City
phuongvv@vpbs.com.vn
+848 6296 4210 Ext: 130

Domalux
Director of Retail Sales and Brokerage
Nguyen Chi Thanh 2 - Ho Chi Minh City
domalux@vpbs.com.vn
+848 6296 4210 Ext: 128

Tran Duc Vinh

Director of Retail Sales and Brokerage
Lang Ha - Ha Noi
vinhtd@vpbs.com.vn
+844 3835 6688 Ext: 369

Nguyen Danh Vinh

Associate Director of Retail Sales and Brokerage
Le Lai - Ho Chi Minh City
vinhnd@vpbs.com.vn
+848 3823 8608 Ext: 146

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Page | 10

DISCLAIMER
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