Hai An Transport and Stevedoring JSC (HAH) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Hai An Transport and Stevedoring JSC VND 75,187, price VND 49,350, upside +52.4%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 8,373 VND – 68,205 VND · fair‑value band 26,582 VND – 142,712 VND · the 49,350 VND price screens below the 75,187 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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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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. 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 49,350 VND, while our model-based Fair Value estimate is 75,187 VND, implying the stock looks roughly 34.4% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 236,218 VND per share, and 19 of the 26 models we run sit above the 49,350 VND price.
Bear case: the Dividend Discount group reads lowest at 10,796 VND, and 7 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: 26,582 VND (bear) to 142,712 VND (bull), the price of 49,350 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 52/100 (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 8.3T VND · P/E ratio 7.3 · P/S ratio 1.73 · EPS (TTM) 6,754 VND · Dividend yield 4.1% · Net margin 23.7% · Return on equity 28.1% · Return on assets (EBIT) 17.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 61% fair-value upside, at 52%, HAH screens richer than that median.
Fair Value models
Bear 26,582 VNDFair Value 75,187 VNDBull 142,712 VND
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (3,491 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.Evidence ⓘEvidence = 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.
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.
+43.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+39.3%
Dividend (yield on the price)4.1%
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).
+43.7%
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 +38.0% 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 · 233 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside+52% · Top 25%
Profitability
Return on equity (TTM)28% · Top 25%
Return on assets14% · Top 25%
Net margin (TTM)25% · Above median
Operating margin (TTM)36% · Top 25%
Growth and dividend
Revenue growth8% · Above median
Dividend yield (TTM)4.1% · Above median
Balance sheet
Debt / equity0.32× · Above median
Valuation Multiplesvs Marine Shipping median · lower = cheaper
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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 Sep 24, 2026, our model estimates a fair value of 75,187 VND versus a price of 49,350 VND, about +52% upside (undervalued).
What is the fair value of HAH?
Our model-based fair value for Hai An Transport and Stevedoring JSC is 75,187 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 49,350 VND.
What is the quality score of HAH?
Hai An Transport and Stevedoring JSC has a Quality Score of 52/100. 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 75,187 VND (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 26,582 VND, optimistic scenario 142,712 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 75,187 VND, about +52% upside versus a price of 49,350 VND (undervalued). Cautious scenario 26,582 VND, optimistic scenario 142,712 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 5.2T VND (latest available figure, as of Sep 24, 2026).
Does Hai An Transport and Stevedoring JSC pay a dividend?
Hai An Transport and Stevedoring JSC currently shows a dividend yield of about 4.05% relative to its recent price (as of Sep 24, 2026).
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 +43.7 % per year for five years (discount rate 13.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +33.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of HAH use?
Our models discount Hai An Transport and Stevedoring JSC at 13.4 %: a base by market capitalisation (small), damped by beta 0.40, 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 +43.7 % per year a year over ten years, using the same discount rate (13.4 %) 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 +43.7 % per year free-cash-flow growth a 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 +4.6 % a year. That is the yardstick for the growth priced into Hai An Transport and Stevedoring JSC (+43.7 % per year a 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 1.75 %: 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 (13.4 %), 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 75,187 VND per share (as of Sep 24, 2026), against a price of 49,350 VND. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Hai An Transport and Stevedoring JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, HAH trades below its calculated fair value: price 49,350 VND, fair value 75,187 VND, a gap of about +52% (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 (49,350 VND); the fair value is what the company's own numbers justify (75,187 VND). For Hai An Transport and Stevedoring JSC the two are 25,837 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 8.3T VND (market capitalisation, as of Sep 24, 2026). Per share that is 49,350 VND; our models calculate a fair value of 75,187 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 26,582 VND, base 75,187 VND, optimistic 142,712 VND per share (as of Sep 24, 2026, price 49,350 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 Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 75,187 VND is built from several models across several years. Other multiples: P/B 1.9, P/S 1.6, EV/EBITDA 3.7.
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 Sep 24, 2026): return on equity 28.1%, debt of 0.32 per unit of equity. They feed the Quality Score of 52/100, 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 49,350 VND, about 28% below its 52-week high of 68,205 VND and 12% above the low of 43,900 VND (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 75,187 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 Sep 24, 2026: price 49,350 VND, calculated fair value 75,187 VND (+52%), Quality Score 52/100, from 26 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 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 75,187 VND, 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 13.0 % above its aggregate fair value. Hai An Transport and Stevedoring JSC currently trades 52 % 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 Sep 24, 2026 was 49,350 VND. Our model-based fair value is 75,187 VND, about +52% 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 (26,582 VND to 142,712 VND). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (52/100) 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 8.3T VND. 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 1.73 (P/E × margin). 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 6,754 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 4.1% (payout 29.6%). 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% (fiscal year 2025). 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 28.1% (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 36.3% (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 +8.2% 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 +18.5% 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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