Research Center
Quay lại

HAH - Port operator with attractive valuation and dividend yield to list on HOSE on 11/3/2015 - Small Cap Research

USD43mn market cap HAH is the owner of 250,000TEU p.a. Hai An Container Port in Hai Phong; its diversified into container shipping last year which boosted its top-line 93% and bottom line by 61% in 2014. Management targets revenue growth of 59% but 16% NPAT drop in 2015. 23.2mn HAH shares will be listed in HOSE on 11 March 2015 at VND40,000, translating to attractive PER 8.3x at company guidance, a 14.4% discount to nearby port owners.