We provide an update on HAH following our last report dated August 3, 2021.

In 2022, HAH strengthened its leading position in Vietnam’s container shipping market as it expanded its vessel capacity by 50% and opened its first routes to mainland China.

HAH’s 9M 2022 NPAT-MI surged 172% YoY mainly due to its strong fleet expansion and surging sea freight rates. HAH estimates that its 2022 NPAT will achieve 152% of its full-year target.