--- title: "HAH: Fleet Expansion and Q3 2026 Earnings Performance" description: HAH net profit rose 8.0% year-on-year to VND 329bn in Q3 2026 as fleet additions and favorable time-charter rates supported operating margins. url: https://ginity.vn/en/blog/hah-fleet-expansion-q3-2026 canonical: https://ginity.vn/en/blog/hah-fleet-expansion-q3-2026 markdown: https://ginity.vn/en/blog/hah-fleet-expansion-q3-2026.md language: en datePublished: 2026-10-28T00:00:00+07:00 dateModified: 2026-10-28T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: equity name: Companies & sectors url: https://ginity.vn/en/topics/equity tickers: - HAH - VSC sources: - name: Hai An Transport and Stevedoring JSC url: https://haiants.vn/files/Quan_he_co_dong/Bao_cao_tai_chinh/20261023-HAH-Bao-cao-tai-chinh-hop-nhat-quy-III-2026.pdf title: Q3 2026 Consolidated Financial Statements - name: Hai An Transport and Stevedoring JSC url: https://haiants.vn/files/Quan_he_co_dong/Nghi-quyet-bien-ban/20261001-HAH-Cac-Nghi-quyet-HDQT-so-0309-2026-va-0409-2026-NQ-HDQT-ngay-3009-2026.pdf title: Board Resolutions on Bond Issuance with Warrants - name: VNDirect Research url: https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-26/HAH_Bao-cao-KQKD_20261026.pdf title: "HAH: Vessel Operations Drive Earnings Growth" - name: VNDirect Research url: https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-27/HAH_BCCap-nhat_27.10.2026-1.pdf title: "HAH Company Update: Fleet Expansion Powers Growth" - name: Government News url: https://baochinhphu.vn/giam-thu-tuc-hanh-chinh-hang-hoa-qua-cang-bien-tang-manh-102260528153427691.htm title: Seaport Cargo Volume Grows at Double Digits - name: World Bank url: https://www.worldbank.org/en/country/vietnam/publication/taking-stock-viet-nam-economic-update-march-2025 title: "Taking Stock: Viet Nam Economic Update" - name: CafeF url: https://cafef.vn/du-lieu/hah/thong-tin-chung.chn title: HAH Financial Data and Trading Valuation - name: Mekong ASEAN url: https://mekongasean.vn/hai-an-dat-95-chi-tieu-loi-nhuan-luong-tien-mat-tang-gap-doi-sau-9-thang-61128.html title: Hai An Fulfills 95% of Annual Profit Plan in 9M 2026 publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # HAH: Fleet Expansion and Q3 2026 Earnings Performance > HAH net profit rose 8.0% year-on-year to VND 329bn in Q3 2026 as fleet additions and favorable time-charter rates supported operating margins. Gini · Companies & sectors · 2026-10-28 · https://ginity.vn/en/blog/hah-fleet-expansion-q3-2026 _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - According to Q3 2026 financial statements, HAH posted net revenue of VND 1,419.3bn (up 5.3% year-on-year) and parent net profit of VND 328.5bn (up 8.0%). - For 9M 2026, cumulative parent net profit reached VND 1,000.6bn, up 11.3% year-on-year and fulfilling 75.7% of the full-year forecast by VNDirect. - Vessel operations generated VND 1,066.0bn in Q3 2026, contributing 75.1% of consolidated net revenue following the deployment of Hai An Iris and joint venture HAGSL. - HAH plans a USD 602m capital investment for 10 new container vessels over 2026-2029, partially funded by VND 1,880bn in non-convertible bonds with warrants. - As of 23 October 2026, HAH shares traded at a trailing P/E of 7.6x and P/B of 2.1x, well below the VN-Index market multiple of 12.1x. According to the Q3 2026 consolidated financial statements released by Hai An Transport and Stevedoring Joint Stock Company (HOSE: HAH) on 23 October 2026, net revenue reached VND 1,419.3bn, rising 5.3% compared to VND 1,347.9bn in Q3 2025. Parent net profit climbed 8.0% year-on-year to VND 328.5bn from VND 304.2bn in the prior-year period. Growth was underpinned by vessel capacity additions and firm time-charter rates. For the first nine months of 2026, cumulative consolidated net revenue reached VND 4,217.8bn and parent net profit totaled VND 1,000.6bn, up 11.3% year-on-year and meeting 75.7% of the full-year 2026 projection by VNDirect Research. ## Q3 2026 net profit rises 8% to VND 329bn According to the company Q3 2026 financial report, operational performance reflected active deployment across its proprietary fleet as well as tonnage operated by Hai An Green Shipping Lines (HAGSL), a maritime joint venture owned 40% by HAH and 60% by Vietnam Container Shipping Joint Stock Corporation (Viconship - VSC). | Financial metric | Q3 2025 | Q3 2026 | YoY Change | 9M 2025 | 9M 2026 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net revenue (VND bn) | 1,347.9 | 1,419.3 | +5.3% | 3,790.5 | 4,217.8 | +11.3% | | Cost of goods sold (VND bn) | 851.9 | 915.0 | +7.4% | 2,342.6 | 2,581.3 | +10.2% | | Gross profit (VND bn) | 496.0 | 504.3 | +1.7% | 1,447.9 | 1,636.5 | +13.0% | | Gross margin (%) | 36.8% | 35.5% | -1.3 ppt | 38.2% | 38.8% | +0.6 ppt | | SG&A expenses (VND bn) | 45.5 | 46.0 | +1.0% | 134.2 | 142.5 | +6.2% | | Share of profit from associates (VND bn) | 6.9 | 14.0 | +102.6% | 18.5 | 39.2 | +111.9% | | Profit before tax (VND bn) | 425.1 | 451.5 | +6.2% | 1,258.3 | 1,492.0 | +18.6% | | Consolidated net profit (VND bn) | 344.8 | 366.0 | +6.1% | 1,050.4 | 1,183.6 | +12.7% | | Parent net profit (VND bn) | 304.2 | 328.5 | +8.0% | 898.9 | 1,000.6 | +11.3% | Source: Hai An Transport and Stevedoring JSC (2026-10-23) and VNDirect Research (2026-10-26) According to HAH Q3 2026 financial disclosure, cost of goods sold rose 7.4% year-on-year to VND 915.0bn during the third quarter of 2026, primarily driven by bunker fuel expenses (FO/MGO) and spot vessel chartering costs during peak export months. Consequently, gross profit margin for Q3 2026 reached 35.5%, contracting by 1.3 percentage points compared to 36.8% in Q3 2025. Over the first nine months of 2026, cumulative gross profit margin reached 38.8%, up 0.6 percentage points compared to the same period in 2025 due to charter rates locked at high levels earlier in the year. According to consolidated filings, selling, general, and administrative expenses in Q3 2026 rose by 1.0% to VND 46.0bn, accounting for 3.3% of net revenue compared to 3.4% in Q3 2025. Share of profit from associates jumped 102.6% year-on-year to VND 14.0bn as newly inducted vessels Green Time and Green Park generated regular earnings contributions. $$\text{Net Profit Margin} = \frac{\text{Parent Net Profit}}{\text{Net Revenue}} \times 100\%$$ According to calculations by Ginity Research, HAH parent net profit margin in Q3 2026 stood at 23.14%, expanding by 0.57 percentage points from 22.57% in Q3 2025. Across the first nine months of 2026, net profit margin averaged 23.72%. ## Fleet operations supply 75% of total revenue According to the Q3 2026 earnings report, container vessel operations remained the core revenue driver for Hai An. Revenue from vessel operations reached VND 1,066.0bn in Q3 2026, up 6.0% year-on-year and generating 75.1% of consolidated net revenue. According to research published by VNDirect, operational revenue expansion stemmed from two primary factors: 1. Expanded operational fleet capacity documented in corporate filings: Container vessel Hai An Iris (delivered in late 2025) operated for the full quarter. Two vessels, Green Park (1,060 TEU) and Green Time (2,800 TEU), delivered to joint venture HAGSL in April 2026 and May 2026, established steady sailings on regional maritime corridors. 2. Flexible chartering allocation disclosed by management: HAH balanced self-operated domestic routes linking Northern and Southern Vietnam with intra-Asia loops (Hai Phong - Singapore, Hai Phong - China) and international time-charter commitments. With global time-charter rates remaining elevated in 2026, the company secured 6-12 month charters at fixed rates to hedge against spot freight volatility. For port terminal services in Hai Phong, according to Q3 2026 financial statements, revenue rose 19.3% year-on-year to VND 99.0bn. This performance was supported by revised seaport service tariff schedules enacted in early 2026, which raised average container handling tariffs at Hai An port by approximately 10.0% compared to 2025 as documented by VNDirect Research. Readers can explore regional trade infrastructure in our review of [industrial logistics and trade](/en/blog/vietnam-industrial-parks-fdi-earnings-gap-2026). ## Capital plan of USD 602m for 10 new vessels According to fleet data published by HAH, as of October 2026, the company operated 20 container vessels with total carrying capacity of 33,100 TEU, up 13.2% from 29,240 TEU recorded at year-end 2025. In November 2026, the carrier expects delivery of the Buxmelody vessel (2,702 TEU), lifting aggregate capacity to 35,802 TEU under the delivery schedule. To expand long-term transport capacity, according to corporate disclosures by HAH and joint venture HAGSL, both entities entered shipbuilding contracts for 10 new container vessels over 2026-2029 with total capital expenditure of USD 602m (equivalent to approximately VND 16,300bn at an exchange rate of 27,075 VND/USD). | Contract date | Operating entity | Vessel count | Capacity per ship | Total investment | Delivery timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | May 2025 | HAH | 4 ships | 3,000 TEU | USD 184m | Commencing 12/2027 (3-month intervals) | | November 2025 | HAGSL Joint Venture | 2 ships | 7,100 TEU | USD 184m | June 2028 and September 2028 | | March 2026 | HAH | 2 ships | 7,100 TEU | USD 184m | January 2029 and February 2029 | | October 2026 | HAH | 2 ships | 1,900 TEU | USD 70m | October 2029 and November 2029 | | **Total** | **HAH & HAGSL** | **10 ships** | **44,200 TEU** | **USD 602m** | **2027-2029** | Source: Hai An Transport and Stevedoring JSC (2026-10-01) and VNDirect Research (2026-10-27) According to corporate filings, to finance this shipbuilding program, the Board of Directors of HAH passed Resolutions 0309-2026 and 0409-2026 on 30 September 2026 (published on 01 October 2026) approving an issuance of non-convertible bonds with warrants. The maximum issuance volume authorized under the 2026 resolutions is VND 1,880bn in 5-year bonds carrying a maximum coupon rate of 8.0% per annum. According to the 2026 issuance prospectus, each bond with a par value of VND 1,000,000 includes 1 warrant granting the right to purchase 10 HAH shares at an exercise price of VND 20,000 per share. Should investors exercise all warrants, HAH will raise up to VND 3,760bn in additional equity capital. According to calculations by Ginity Research, total potential funding from both components amounts to VND 5,640bn, covering 34.6% of the VND 16,300bn capital expenditure for the 10-ship expansion plan. The remaining capital is planned through retained operational cash flow and commercial bank debt. ## Valuation at 7.6x P/E with financial buffer In equity trading, according to market data from CafeF, HAH shares closed at VND 51,000 per share on 23 October 2026. With 191.8 million shares outstanding as of 23 October 2026, market capitalization stood at VND 9,784bn (approximately USD 371m based on VNDirect exchange rate data). Valuation multiples for HAH demonstrate clear differentiation against the broader Vietnamese stock market according to broker research: 1. P/E valuation: Based on market data from CafeF and VNDirect Research on 23 October 2026, trailing twelve-month P/E for HAH stood at 7.6x, compared to the broader VN-Index average multiple of 12.1x recorded on the same date. In a company update published on 27 October 2026, VNDirect Research projected full-year 2026 parent net profit of VND 1,321bn (up 9.5% year-on-year), implying a 2026 forward P/E of 7.41x and a 2027 forward P/E of 7.05x. 2. P/B multiple and returns: According to financial data on 23 October 2026, trailing P/B for HAH was 2.1x, near the VN-Index level of 2.0x. As of 23 October 2026, trailing return on equity (ROE) reached 23.4% (versus 13.6% for the VN-Index) and return on assets (ROA) reached 14.5% (versus 2.2% for the VN-Index) according to VNDirect Research. High returns on capital reflect fleet utilization and cost controls. Investors can review broader benchmark indicators in our overview of [market valuation metrics](/en/blog/vn-index-pe-valuation-and-market-breadth-2026) and company reports on the [Equities desk](/en/topics/equity). ## Freight rate volatility and vessel supply risk While Q3 2026 operating performance remained solid, container shipping operations face exposure to cyclical patterns in international trade, according to logistics reports from the World Bank and VNDirect Research. First, freight rate normalization: Spot container rates and time-charter rates could experience downward pressure as major shipping alliances restore transit through the Red Sea and Suez Canal, according to international maritime bulletins. Major ocean carriers including Maersk and Hapag-Lloyd began phasing services back to the canal route in mid-2026. Shorter sailing routes reduce transit times and effectively release active vessel capacity into global waters. Second, container vessel delivery overhang post-2028: According to shipping statistics from VNDirect Research, global container lines ordered substantial numbers of ultra-large container ships exceeding 15,000 TEU capacity. As these large vessels deliver over 2027-2028, carriers may cascade mid-sized container ships (3,000 - 7,000 TEU) into intra-Asia corridors, creating direct competition on routes served by HAH. According to VNDirect Research, a key structural buffer for Hai An is the age profile of the global feeder segment (1,000 - 2,999 TEU), where more than 20% of active vessels are over 20 years old. Stringent carbon-intensity rules from the International Maritime Organization (IMO) compel older vessels to reduce sailing speed or face early retirement. The global orderbook for feeder vessels represents 17.6% of existing fleet capacity, well below the 40.0% orderbook ratio across the total container shipping sector. This helps contain local oversupply in HAH core mid-sized vessel category across 2026-2027. ## Sources - Hai An Transport and Stevedoring JSC: [Q3 2026 Consolidated Financial Statements](https://haiants.vn/files/Quan_he_co_dong/Bao_cao_tai_chinh/20261023-HAH-Bao-cao-tai-chinh-hop-nhat-quy-III-2026.pdf) (2026-10-23) - Hai An Transport and Stevedoring JSC: [Board Resolutions on Bond Issuance with Warrants](https://haiants.vn/files/Quan_he_co_dong/Nghi-quyet-bien-ban/20261001-HAH-Cac-Nghi-quyet-HDQT-so-0309-2026-va-0409-2026-NQ-HDQT-ngay-3009-2026.pdf) (2026-10-01) - VNDirect Research: [HAH: Vessel Operations Drive Earnings Growth](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-26/HAH_Bao-cao-KQKD_20261026.pdf) (2026-10-26) - VNDirect Research: [HAH Company Update: Fleet Expansion Powers Growth](https://www.vndirect.com.vn/vndirect-resource/nextcom/attachment/2026-10-27/HAH_BCCap-nhat_27.10.2026-1.pdf) (2026-10-27) - Government News: [Seaport Cargo Volume Grows at Double Digits](https://baochinhphu.vn/giam-thu-tuc-hanh-chinh-hang-hoa-qua-cang-bien-tang-manh-102260528153427691.htm) (2026-05-28) - World Bank: [Taking Stock: Viet Nam Economic Update](https://www.worldbank.org/en/country/vietnam/publication/taking-stock-viet-nam-economic-update-march-2025) (2025-03-15) - CafeF: [HAH Financial Data and Trading Valuation](https://cafef.vn/du-lieu/hah/thong-tin-chung.chn) (2026-10-28) - Mekong ASEAN: [Hai An Fulfills 95% of Annual Profit Plan in 9M 2026](https://mekongasean.vn/hai-an-dat-95-chi-tieu-loi-nhuan-luong-tien-mat-tang-gap-doi-sau-9-thang-61128.html) (2026-10-24) --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._