Hai An Transport and Stevedoring JSC (HAH) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Hai An Transport and Stevedoring JSC stock VND 73,812, price VND 47,900, upside +54.1%, quality 53 out of 100. Rating: strongly undervalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 10,126 VND – 68,205 VND · fair‑value band 26,096 VND – 104,730 VND · the 47,900 VND price screens below the 73,812 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Hai An Transport And Stevedoring Joint Stock Company, together with its subsidiaries, engages in port operation, sea transport, shipping agency, and logistics operations in Vietnam. The company operates through Vessel Operation, Port Operation, and Others segments.
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It also involved in the stevedoring, delivery, and preservation of cargoes; sea transport and inland trucking; agency and shipping agent; export/import, warehouse, and storage of cargoes; cleaning and repairing of containers; vessel towing and supporting; sea container transportation; and safety management and ship engineering businesses.
In addition, the company offers forwarding, LOLO, customs, freight forwarding, customs clearance and transport related packaging, depot, and door to door services. Hai An Transport And Stevedoring Joint Stock Company was incorporated in 2009 and is headquartered in Hanoi, Vietnam.
Stock analysis
Hai An Transport and Stevedoring JSC (HAH) currently trades at 47,900 VND, while our model-based Fair Value estimate is 73,812 VND, implying the stock looks roughly 35% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 233,083 VND per share, and 17 of the 25 models we run sit above the 47,900 VND price.
Bear case: the Dividend Discount group reads lowest at 8,633 VND, and 8 of the 25 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 26,096 VND (bear) to 104,730 VND (bull), the price of 47,900 VND sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Hai An Transport and Stevedoring JSC reported revenue of 5.1T VND in FY2025 versus 2.0T VND in FY2021, a compound +27.0%/yr. Reported net income was 1.2T VND in FY2025, compounding +28.3%/yr from FY2021.
Key figures
Market cap 9.5T VND (≈ $370M) Small · P/E ratio 7.3 · P/S ratio 1.71 · EPS (TTM) 6,552 VND · Dividend yield 4.2% · Net margin 23.7% · Return on equity 26.8% · Return on assets (EBIT) 17.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 87 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 13% fair-value upside, at 54%, HAH screens cheaper than that median.
Fair Value models
Bear26,096 VNDFair Value 73,812 VNDBull104,730 VND
Price 47,900 VND · Upside +54.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (3,904 VND per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF10,226 VND15,851 VND32,102 VND76
Growth DCF9,276 VND16,660 VND29,625 VND75
EPV51,405 VND57,679 VND62,701 VND74
All 25 models by family
DCF Models
FCF DCF10,226 VND15,851 VND32,102 VND76
5Y Revenue Exit23,407 VND47,374 VND97,784 VND68
5Y EBITDA Exit77,975 VND157,424 VND313,681 VND70
5Y P/E Exit63,318 VND163,058 VND301,430 VND66
10Y Revenue Exit16,963 VND48,369 VND70,072 VND65
10Y EBITDA Exit50,676 VND144,276 VND315,332 VND62
10Y P/E Exit41,901 VND118,516 VND249,008 VND58
Earnings-Based
Graham-Dodd43,561 VND303,788 VND426,321 VND63
Lynch FV132,374 VND189,106 VND245,838 VND61
PEG = 1.0132,374 VND189,106 VND245,838 VND57
EPV51,405 VND57,679 VND62,701 VND74
Dividend Discount
Gordon GGM5,442 VND8,783 VND11,095 VND69
DDM Multi-Stage5,442 VND8,482 VND9,477 VND67
Multiples
P/E Multiple100,895 VND134,526 VND168,158 VND63
P/S Multiple40,547 VND54,063 VND67,578 VND58
P/B Multiple74,621 VND99,495 VND124,369 VND55
EV/EBIT114,841 VND155,853 VND196,865 VND66
EV/EBITDA116,349 VND157,864 VND199,380 VND67
EV/Revenue25,863 VND40,460 VND55,057 VND53
Asset-Based
NCAV (Graham)11,055 VND14,814 VND22,110 VND54
Growth DCF
Growth DCF9,276 VND16,660 VND29,625 VND75
Rev-Margin DCF25,079 VND54,803 VND113,572 VND67
Economic Profit
Residual Income30,429 VND45,082 VND87,738 VND71
ROIC Compounder63,679 VND87,631 VND111,212 VND72
Growth Earnings
Growth-Adj P/E163,158 VND233,083 VND303,008 VND67
The fair value above starts from this blend and is adjusted for a cyclical peak year.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+27.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+33.7%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in VND (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in VND: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+43.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+39.3%
Dividend (yield on the price)4.2%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 36%
2025 sits 118% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+43.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Vietnam: IMF forecast 4.1% a year to 2030, 3.1% from 2016 to 2025) that is about +37.7% a year for the price and −0.1% for the forecasts.
Compare Hai An Transport and Stevedoring JSC with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Marine Shipping · 220 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside+54.1% · Top 25%
Profitability
Return on equity (12 months)26.8% · Top 25%
Return on assets13.9% · Top 25%
Net margin (12 months)23.7% · Above median
Operating margin (12 months)32.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)5.3% · Below median
Dividend yield (12 months)4.2% · Above median
Balance sheet
Debt / equity0.32× · Above median
Valuation Multiplesvs Marine Shipping median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Hai An Transport and Stevedoring JSC Fair Value". https://www.fairvalue-calculator.com/stock/HAH
Frequently asked questions
Is Hai An Transport and Stevedoring JSC (HAH) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 73,812 VND versus a price of 47,900 VND, about +54% upside (undervalued).
What is the fair value of HAH?
Our model-based fair value for Hai An Transport and Stevedoring JSC is 73,812 VND (as of Nov 8, 2026), built from audited fundamentals. The current price: 47,900 VND.
What is the quality score of HAH?
Hai An Transport and Stevedoring JSC has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Hai An Transport and Stevedoring JSC (HAH)?
Our model-based price target is the fair value of 73,812 VND (as of Nov 8, 2026) from 25 valuation models. Cautious scenario 26,096 VND, optimistic scenario 104,730 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Hai An Transport and Stevedoring JSC stock forecast for 2026?
Our models put fair value at 73,812 VND, about +54% upside versus a price of 47,900 VND (undervalued). Cautious scenario 26,096 VND, optimistic scenario 104,730 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Hai An Transport and Stevedoring JSC (HAH)?
Hai An Transport and Stevedoring JSC reported trailing-twelve-month revenue of about 5.5T VND (latest available figure, as of Nov 8, 2026).
Does Hai An Transport and Stevedoring JSC pay a dividend?
Hai An Transport and Stevedoring JSC currently shows a dividend yield of 4.18% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Hai An Transport and Stevedoring JSC (HAH) and when is the ex-dividend date?
Hai An Transport and Stevedoring JSC pays a dividend of 2,000 VND per share a year, a dividend yield of 4.2%. The last ex-dividend date was Jul 14, 2026. The payout ratio is 30.5% of earnings. Free cash flow covers the dividend 0.39 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Hai An Transport and Stevedoring JSC (HAH)?
For today's price to be fair in a discounted-cash-flow model, Hai An Transport and Stevedoring JSC would have to grow free cash flow by +43.3 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +33.7 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of HAH use?
Our models discount Hai An Transport and Stevedoring JSC at 13.5 %: a base by market capitalisation (small), damped by beta 0.61, country premium for Vietnam. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Hai An Transport and Stevedoring JSC that is +43.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has Hai An Transport and Stevedoring JSC (HAH) delivered so far?
Over the past 5 years revenue at Hai An Transport and Stevedoring JSC grew +33.7 % a year. The price currently implies free-cash-flow growth of +43.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Hai An Transport and Stevedoring JSC (HAH) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Hai An Transport and Stevedoring JSC (+43.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hai An Transport and Stevedoring JSC (HAH)?
The free-cash-flow yield on the price is 1.80 %: that much free cash flow Hai An Transport and Stevedoring JSC produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hai An Transport and Stevedoring JSC (HAH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hai An Transport and Stevedoring JSC it is 73,812 VND per share (as of Nov 8, 2026), against a price of 47,900 VND. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Hai An Transport and Stevedoring JSC stock overvalued or undervalued in 2026?
As of Nov 8, 2026, HAH trades below its calculated fair value: price 47,900 VND, fair value 73,812 VND, a gap of about +54% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HAH?
No. The price is what the market pays today (47,900 VND); the fair value is what the company's own numbers justify (73,812 VND). For Hai An Transport and Stevedoring JSC the two are 25,912 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Hai An Transport and Stevedoring JSC worth?
The market values Hai An Transport and Stevedoring JSC at about 9.5T VND (market capitalisation, as of Nov 8, 2026). Per share that is 47,900 VND; our models calculate a fair value of 73,812 VND per share.
What do the bullish and bearish scenarios say about HAH?
Our models span a range for Hai An Transport and Stevedoring JSC: cautious scenario 26,096 VND, base 73,812 VND, optimistic 104,730 VND per share (as of Nov 8, 2026, price 47,900 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HAH?
Hai An Transport and Stevedoring JSC trades at a price-to-earnings ratio of 7.3 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 73,812 VND is built from several models across several years. Other multiples: P/B 2.1, P/S 1.7, EV/EBITDA 4.0.
How solid is the balance sheet of Hai An Transport and Stevedoring JSC (HAH)?
Balance-sheet figures for Hai An Transport and Stevedoring JSC (as of Nov 8, 2026): return on equity 26.8%, debt of 0.32 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is HAH from its 52-week high?
Hai An Transport and Stevedoring JSC trades at 47,900 VND, about 30% below its 52-week high of 68,205 VND and 9% above the low of 43,900 VND (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 73,812 VND is for.
Which stocks are comparable to Hai An Transport and Stevedoring JSC?
From the same area (Industrials) we also value Adani Ports and Special Economic Zone Limited, COSCO SHIPPING Holdings, Hapag-Lloyd Aktiengesellschaft,, Shanghai International Port (Group) Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Hai An Transport and Stevedoring JSC stock attractive at the current price?
The data as of Nov 8, 2026: price 47,900 VND, calculated fair value 73,812 VND (+54%), Quality Score 53/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HAH calculated?
We run Hai An Transport and Stevedoring JSC through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 73,812 VND builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Hai An Transport and Stevedoring JSC currently trades 35% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Hai An Transport and Stevedoring JSC (HAH)?
The closing price on Nov 6, 2026 was 47,900 VND. Our model-based fair value is 73,812 VND, about +54% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hai An Transport and Stevedoring JSC right now?
The model range is unusually wide (26,096 VND to 104,730 VND). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Hai An Transport and Stevedoring JSC
How large is the market capitalisation of Hai An Transport and Stevedoring JSC (HAH)?
The market capitalisation of Hai An Transport and Stevedoring JSC is 9.5T VND (≈ $370M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Hai An Transport and Stevedoring JSC (HAH)?
The price-to-sales ratio of Hai An Transport and Stevedoring JSC is 1.71 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hai An Transport and Stevedoring JSC (HAH)?
Earnings per share at Hai An Transport and Stevedoring JSC are 6,552 VND (price ÷ EPS = P/E 7.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hai An Transport and Stevedoring JSC (HAH)?
The dividend yield of Hai An Transport and Stevedoring JSC is 4.2% (payout 30.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Hai An Transport and Stevedoring JSC (HAH)?
The net margin of Hai An Transport and Stevedoring JSC is 23.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Hai An Transport and Stevedoring JSC (HAH)?
The return on equity (ROE) of Hai An Transport and Stevedoring JSC is 26.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Hai An Transport and Stevedoring JSC (HAH)?
On an EBIT basis the return on assets of Hai An Transport and Stevedoring JSC is 17.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Hai An Transport and Stevedoring JSC (HAH)?
The operating margin of Hai An Transport and Stevedoring JSC is 32.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hai An Transport and Stevedoring JSC (HAH)?
Revenue at Hai An Transport and Stevedoring JSC is growing +5.3% versus a year earlier (3y avg +16.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Hai An Transport and Stevedoring JSC (HAH)?
Earnings per share at Hai An Transport and Stevedoring JSC are growing +4.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hai An Transport and Stevedoring JSC (HAH) carry?
The net debt of Hai An Transport and Stevedoring JSC is 1.5T VND (fiscal year 2025, ≈ 10.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 8, 2026