HAH targets 11% profit drop to VND 1,250B, plans VND 1,883B bond issue

Overview

Hai An Transport and Stevedoring (HAH) has announced its 2026 business plan, targeting a net profit of VND 1,250 billion, an 11% decline from 2025. The company also plans to raise nearly VND 1,900 billion through a bond issuance with warrants to fund vessel construction and port investments. The proposals will be submitted to shareholders at the upcoming annual general meeting on June 6, 2026.

Key Facts

• 2026 net profit target: VND 1,250 billion, down 11% from 2025.
• 2026 revenue target: VND 5,140 billion, down 0.2% year-on-year.
• Plans to issue up to 18.8 million bonds with warrants to existing shareholders at a 10:1 ratio (10 shares entitle purchase of 1 bond).
• Bond face value: VND 100,000 each, total potential proceeds of VND 1,883 billion.
• Bonds have a 5-year term, coupon rate not exceeding 8% per annum, non-convertible, unsecured.
• Each bond includes a warrant to buy 10 HAH shares at VND 20,000 per share, potentially issuing up to 188.34 million new shares.
• ESOP plan: issue 3.5 million shares at VND 10,000 each, raising VND 35 billion, with a 2-year lock-up.
• Proposed 2025 cash dividend: 20% (VND 2,000 per share); 2026 stock dividend: 30%.

What Happened

Hai An Transport and Stevedoring (HAH) released documents for its 2026 annual general meeting, scheduled for June 6, 2026. The company targets a slight revenue decline of 0.2% to VND 5,140 billion and an 11% drop in net profit to VND 1,250 billion. To fund its expansion, HAH plans to issue up to 18.8 million bonds with warrants, raising an estimated VND 1,883 billion. The proceeds will be used as counterparty capital for vessel construction contracts and port/ICD investments.

Additionally, HAH proposes an ESOP issuance of 3.5 million shares at VND 10,000 each, which would increase charter capital from VND 1,883 billion to VND 1,918 billion. The company also plans to acquire 1-2 secondhand container vessels (2,500-3,500 TEU) and continue with four new 3,000 TEU vessels ordered in 2025 and two 7,100 TEU vessels ordered in 2026.

Market Context

HAH shares closed at VND 57,500 on May 17, 2026, up 0.35% with moderate volume of 502,800 shares. The stock trades on HoSE. The logistics sector has faced headwinds from global trade uncertainty, but HAH’s expansion plans signal long-term confidence. The 11% profit guidance cut may temper near-term sentiment, but the bond and warrant structure provides a capital-raising mechanism without immediate dilution.

Strategic Significance

HAH is positioning for growth by investing in larger vessels and port infrastructure, aiming to capture economies of scale in container shipping. The bond-with-warrant structure allows the company to raise debt capital while offering equity upside to bondholders, potentially reducing interest costs. The ESOP aligns management incentives with shareholder value. However, the profit decline guidance suggests near-term margin pressure, possibly from fleet expansion costs and competitive freight rates.

What to Watch

• Shareholder approval of the bond and ESOP plans at the June 6 AGM.
• Execution of vessel acquisitions and newbuilding contracts, especially the 7,100 TEU vessels.
• Utilization rates and freight rates for HAH’s container fleet in 2026.
• Progress on port and ICD investments in Hai Phong and other regions.
• Q2 2026 earnings release to gauge revenue and profit trajectory against targets.