- We provide an update on HAH following our last report, dated January 4, 2023. 

- In 2023, NPAT-MI dropped 53% YoY, which was mainly due to declining container and charter rates, a higher interest expense, and reduced income from associates. 

- In 2024, we expect HAH’s earnings to rebound. We expect HAH to benefit from higher container and charter rates, which in turn are driven by higher logistics demand and the impact of disruption to shipping in the Red Sea and the Suez Canal.

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