HAH-10032015-VPBS(TA)

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LISTING NOTE

Listing date 3/11/2015

Reference price (VND/share) 40,000

Bloomberg ticker: HAH VN Exchange: HSX

Industry: Logistics

Outstanding shares (mn) 23.2

Market cap (VNDbn) 927.8

Foreign-owned ratio (%) 0.0%

Free-float ratio 23.29%

Year Div.Yield EPS

2015E Management target 7.5% 4,828

2014 7.5% 5,740

2013 6.3% 3,619

2012 4.5% 1,028

2011 14

CAGR

2015E

(VNDbn)

Revenues 51.2% 685

Net income 91.9% 112

2014 HAH Peers VNI

P/E *7.0x 7.6x 13.0x

P/B *2.1x 1.5x 1.9x

Debt/Equity 44% 8% 113%

Profit margin 31% 26% 10%

ROE 35% 20% 15%

ROA 23% 15% 3%

(*): based on reference price

Company description:

HAH was established in 2009 as a limited company

with the largest shareholder of Hanoi Marine Holding

Company (MHC-HSX).

HAH owns Hai An Port in Haiphong. The company

provides port operation (68% of 2014 revenues), and

shipping services (32%).

2014 unaudited results: total assets: VND739 billion

(USD34 million); total equity: VND436 billion (USD20

million); net revenues: VND431 billion (USD20 million);

net income: VND133 billion (USD6 million).

Transaction summary: Hai An Transport and Stevedoring JSC

(HAH) will list 23,196,232 shares on the Ho Chi Minh Stock

Exchange (HSX) with a reference price of VND40,000 per share on

March 11, 2015. During the next six months the free-float ratio will

only be 23.29 percent.

High growth potential for the Haiphong area: We see

potential for stronger long-term growth thanks to the Trans-Pacific

Partnership agreement (TPP). Additionally, export and import in

the area is expected to grow faster due to new economic zones

with complete and connected infrastructure between Haiphong

and the border gate with China.

Stable shipping segment: HAH just put into operation two

container vessels which operate in domestic route. With the

support from its major shareholders, the company can maintain a

stable container throughput for its core businesses in the course of

fiercer competition within the area.

Companys weaknesses and threats: The companys port

position is unfavorable at the middle of maritime channel from the

pilot point to the last port in Cam River in Haiphong area. The port

has only one 150-meter berth, which limits its throughput.

Additionally, the company might have to face stiffer competition

when new projects are launched such as Lach Huyen International

Port, VIP Greenport.

2015 management targets: The company expects to achieve

VND685 billion (USD32 million) in total revenues, up 59 percent y-

o-y, and VND112 billion (USD5 million) in net income, down 16

percent y-o-y. The company expects to pay 2015 dividends of 30

percent on par in cash.

Fully available foreign room: Currently all of HAHs shares are

held by Vietnamese investors, meaning that the full foreign

ownership limit is still available.

Please see important disclosure information at the end of this report.

HAI AN TRANSPORT AND

STEVEDORING JSC (HAH) March 10, 2015


CONTENTS

COMPANY OVERVIEW ............................................................................................................................................................. 3

MARKET POSITION .................................................................................................................................................................. 3

FINANCIAL PERFORMANCE .................................................................................................................................................... 5

OPPORTUNITIES AND CHALLENGES ..................................................................................................................................... 7

MANAGEMENT PLAN .............................................................................................................................................................. 8

PEER COMPARISON ................................................................................................................................................................. 8

SUMMARY FINANCIAL STATEMENTS .................................................................................................................................. 9


COMPANY OVERVIEW

Hai An Transport and Stevedoring JSC (HAH) was established in 2009 as a private

limited company, whose capital was contributed by four companies: Marine Supply

and Engineering Services JSC (MAC-HNX), Hai Minh Corporation (HMH-HSX), Hanoi

Marine Holding Company (MHC-HSX) and Hai An Shipyard JSC.

HAH operates in the logistics segment to provide various services:

Port operation: The company owns Hai An Port (both conventional and container

port), which is located in Haiphong area and can accommodate up to 20,000 DWT

(deadweight ton) or 1,800 TEU (twenty foot equivalent unit) vessels. The company

provides a wide range of services such as: loading/unloading container, cargo

handling services, container yard operation, container freight storage (CFS), etc.

Shipping: HAH owns two container vessels with total capacity of 1,921 TEUs.

These vessels operate in domestic routes between Haiphong and Ho Chi Minh City.

As of November 28, 2014, HAH had 311 shareholders, of which, institutional

shareholders accounted for 79.7 percent of total shares. Hanoi Marine Holding

Company (MHC-HSX) is the largest shareholder with a 27.93 percent stake.

Ownership structure Shareholder structure

Shareholders No. of shares Ownership

Local 23,196,232 100.0%

Institutional 18,486,881 79.70%

Individual 4,452,248 19.19%

Treasury shares 257,103 1.11%

Foreign 0 0.0%

Total 23,196,232 100.0%

Data as of 12/31/2014. Source: Company data Data as of 11/28/2014. Source: Company data

MARKET POSITION

In comparison with other ports, Hai An Port has a preferable position to Greenport of

Vietnam Container Shipping JSC (VSC-HSX), Chua Ve Terminal and Hoang Dieu

Terminal of Haiphong Port Company JSC. However, the companys port position is

less competitive than Dinh Vu Port of Dinh Vu Investment and Development JSC

(DVP-HSX) and Nam Hai Dinh Vu of Gemadept Corporation (GMD-HSX).

MHC - HSX

28%

TMS - HSX

24%

MAC - HNX

6%

Hai Ha

9%

MACS

5%

Hai Minh

2%

Management

8%

Treasury

shares

1%

Others

17%

The company has two segments:

port operation and shipping.


Location of Hai An Port

Source: VPBS collected

In terms of port operation, Hai An Port has designed capacity of 200,000 TEUs per

year. Since 2013, the companys container throughput surpassed this figure. Hai An

Port has one berth with a length of 150 meters. The maximum vessel size that the

port can accommodate is 20,000 DWTs or 1,800 TEUs.

In terms of shipping, two vessels of HAH were put into operation in 2014. These ships

operate domestic routes based on the support and cooperation of the companys

shareholders: Transimex Saigon Corporation (TMS-HSX), Hanoi Marine Holding

Company (MHC-HSX), MACS Maritime Corporation (MACS), and Marine Supply and

Engineering Services JSC (MAC-HNX). The reasons why the company invested in

this segment although the competition is quite high are: (1) the companys port

already operates above capacity, leading to a requirement for expansion; and (2) this

will ensure sufficient throughput for the company when there is fiercer competition

from new port projects such as: VIP Greenport (VSC) and Lach Huyen port.

Comparison with other ports capacity Companys facilities

Name of Port No of

berths

Max vessel

size (DWT)

Maximum

draft (m)

Tan Cang 5 20,000 10.5

Nam Hai 1 10,000 9.0

Hai An 1 20,000 8.7

Dinh Vu 2 40,000 8.7

Tan Cang 198 1 15,000 8.7

PTSC Dinh Vu 1 20,000 8.5

Hoang Dieu 11 10,000 7.4

Chua Ve 5 10,000 8.4

Doan Xa 1 10,000 8.4

Green Port 2 20,000 8.0

Transvina 1 12,000 7.8

Item Capacity

Port operation

Berth One berth with 150m in length

Container yard 150,000 square meters (sqm)

Container depot 55,000 sqm

CFS 4,000 sqm

Shipping

HaiAn Park 800 TEUs

HaiAn Song 1,121 TEUs

Source: Company data Source: Company data

HAHs port position is

unfavorable as it is in the middle

of the maritime access channel.


FINANCIAL PERFORMANCE

Revenues and cost

Net revenues enjoyed a compound annual growth rate (CAGR) of 51.2 percent from

2011 to 2014 due to (1) high growth rate from port operation segment and (1)

addition from shipping segment in 2014. The port segment, on its own, still enjoyed a

CAGR of 32.9 percent, which was much higher than its competitors such as: DVP (6.9

percent) and VSC (8.5 percent).

In terms of cost, according to the company, fuel expenses (including petroleum and

electricity) account for eight percent and 52 percent in ports loading and unloading

services and shipping services, respectively. The company purchases fuel from

domestic parties. HAH management estimates that its profit would increase 2.1

percent when oil prices decrease 10 percent.

Meanwhile, electricity is used mostly in CFS and port segment. Therefore, if the

electric price goes up, the companys gross margin might be reduced.

Revenue structure Cargo structure


Profitability

From 2011 to 2014, the company achieved a CAGR of net income of 91.9 percent,

much higher than the growth rate of revenues. However, net margin tends to

experience a down trend from 2012 till now. This is because from 2013, the company

operated over capacity and faced with stiffer competition from its competitors.

In 2014, the company launched its new shipping segment. With a gross margin of

only 12.8 percent, shipping led to a decline in total gross margin from 45 percent in

2013 to 37 percent as well as a decline in net margin. At the same time, the port

segment managed to increase its gross margin to 48 percent in 2014.

However, ROA and ROE of the company increased significantly from 2011 to 23

percent and 35 percent in 2014, respectively.

42%

46% 45%48%

0%

10%

20%

30%

40%

50%

0

100

200

300

400

500

2011 2012 2013 2014

VNDbn

Shipping revenuePort revenuePort gross margin

150

226

160

38

23

62

-

50

100

150

200

250

300

2012 2013 9M2014

'000

TEUs

Foreign cargo

Domestic cargo

CAGR of HAHs port revenue is

higher than DVP and VSC.

In shipping segment, fuel cost

accounts for 52% of total costs.

The company has been highly

profitable with a CAGR of net

profit of 91.9% from 2011 to

2014.


Gross margin and net margin ROA and ROE


Solvency and liquidity

Due to the high capital requirements of investing in its port and purchasing two

vessels, HAHs borrowings rose significantly from 2011 to 2014. However, the

company was still able to manage its solvency and liquidity due to its high current

ratio and low debt-to-equity ratio.

From 2015 onwards, the company does not have any investment plan. Therefore, we

believe that the companys borrowings will decline.

Liquidity analysis

2011 2012 2013 2014

Cash ratio * 1.3x 1.2x 1.4x 0.7x

Quick ratio 2.1x 2.0x 2.3x 1.3x

Current ratio 2.3x 2.1x 2.5x 1.8x

Debt-to-equity 52% 34% 22% 44%

Debt-to-total assets 33% 24% 17% 26%

Debt/EBITDA 1.8x 1.0x 0.6x 1.1x

EBITDA/ Interest expenses 6.9x 12.7x 21.0x 31.3x

Note:*cash ratio = (cash + cash equivalent) / current liabilities

Source: Consolidated financial statements, VPBS summary

42%

46% 45%

37%

15%

37% 37%

31%

0

30

60

90

120

150

0%

10%

20%

30%

40%

50%

2011 2012 2013 2014

VNDbnNet income Gross marginNet margins

19% 20%23%

27% 27%

35%

0%

20%

40%

60%

80%

-

200

400

600

800

2011 2012 2013 2014

VNbnTotal assets Equity

ROA ROE


OPPORTUNITIES AND CHALLENGES

Opportunities

High growth potential of industry:

Statistics of the Vietnam Marine Administration (Vinamarine) showed that the CAGR

of throughput in Vietnam from 2009 to 2014 was about 8.1 percent and reached

approximately 370.3 million tons in 2014. The container trade grew with a higher

CAGR of 16.7 percent during the same period to achieve 10.2 million TEUs in 2014.

Ports in the Haiphong area accounted for 17.8 percent of 2014 market share of the

Vietnam port system. From 2009 to 2014, this area had a CAGR of cargo throughput

of 14.6 percent, which was higher than the growth rate of the full Vietnam port

system.

In our view, the volume throughput of the Haiphong port area will grow from 14

percent to 16 percent per year till 2020. The main reasons are the rapid growth rate of

manufacturing activities in the North area (e.g. electronics, garment and tires) and

the support from growing cross-border transit trade with southern China, through the

border gate with Mong Cai, Lang Son and Lao Cai.

Another supporting factor is the improved quality of infrastructure that connects with

Haiphong City. Recently, Vietnam has put into operation many highway roads such

as: Haiphong Quang Ninh highway and Haiphong Hanoi highway, etc. This has

led to the reduction in transportation time as well as logistics cost. As such, this

creates a competitive advantage for this area.

Challenges

Tougher competition:

The giant project, Lach Huyen International Port is expected be put into operation

from 2017 onwards. This port can accommodate big vessel sizes up to 100,000 DWTs

or 8,000 TEUs. It also has a more favorable position than the other ports as its

located next to the pilot point. Due to the infrastructure that connects Lach Huyen

Port with the inland economic zone, the project will be a significant threat to existing

ports. It can create an oversupply status to existing ports, which could lead to a price

war and reduce margins of all ports.

Increment of fuel expenses:

Approximately 50 percent HAHs shipping segment costs come from fuel expenses.

From 2015 onwards, the shipping segment will account for 50 percent or more of the

consolidated revenues of the company, which means that fuel costs will be important

as well. Oil prices have been fluctuating unpredictably but are forecasted to rebound

in the second half of 2015 by the US Energy Information Administration (EIA) or other

notable organizations.

Additionally, according to Electricity of Vietnam, the electricity price will increase 7.5

percent on March 16, 2015, causing a decline in gross margin of port segment.

Lack of stock liquidity:

In the first six months from the listing date (March 11, 2015), 17,793,381 shares will

be restricted from transfer leaving the free-float ratio at 23.3 percent. During the

following six months, the free float ratio will increase to 61.7 percent of ordinary

shares.

Vietnams port industry will

enjoy a high growth rate thanks

to new free-trade agreements.

Haiphongs port throughput will

grow 14% to 16% per year.

Lach Huyen International Port

will create the main threat to

existing ports, including HAH.

Oil prices are expected to

rebound in the second half of

2015 and the electricity prices go

up since March 2015, leading to

a reduction in gross margin.


MANAGEMENT PLAN

The company expects a stable container throughput of 120,000 TEUs per year via its

vessels from 2015 onwards.

For 2015, management expects revenues to achieve VND685 billion (USD32 million),

up 59 percent y-o-y thanks to shipping segment. The company also expects net

margin to be 16 percent due to the increasing prominence of the shipping segment

which has a lower profit margin than port segment.

The company also applied for permission to establish a logistics center for Dinh vu

Cat Hai area in 2014, which might help the company expand its business activities in

the logistics segment. Dinh Vu Cat Hai area is expected to be the leading economic

zone of the Haiphong area thanks to (1) the Vietnam Singapore Industrial Park, which

was established in the Dinh Vu area, leading to many new huge factories and (2) the

full and complete infrastructure connecting Haiphong to the rest of Vietnam via

express highways to Hanoi, Quang Ninh and etc.

Since the port and shipping segment will cope with stiffer competition from domestic

players and there is not much room available for high growth potential, expanding

business to contract logistics is one of the methods for the companys growth. We

believe that HAH should get approval and start to establish its infrastructure from

2016 onwards.

Management targets

(VNDbn) 2014

unaudited result % y-o-y

2015

target % y-o-y

Charter capital 232 0% 232 0%

Net revenues 431 93% 685 59%

Profits after tax 133 61% 112 -16%

Net margin 31%

16%

Dividends (% on par) 30%

30%

Source: Company data

PEER COMPARISON

At a reference price of VND40,000 per share, the 2014 P/E of HAH is slightly lower

than the median of its local peers, despite its higher ROA, ROE and net margin.

Peer-group analysis

Note: HAHs figure is based on its reference price. Data as of 3/9/2015. Source: Bloomberg, VPBS

Sales Net income ROE ROADebt /

equity

Net

marginP/E P/B

VNDbn VNDbn % y-o-y VNDbn % y-o-y

DVP HSX Dinh Vu Port Investment & Development JSC 1,996 542 8% 228 16% 30% 24% 16% 42% 8.8 2.5

VSC HSX Vietnam Container Shipping JSC 1,822 891 13% 248 3% 25% 19% 1% 28% 7.4 1.7

CLL HSX Cat Lai Port JSC 768 235 18% 76 -7% 20% 15% 25% 33% 10.0 2.0

PDN HSX Dong Nai Port JSC 419 270 33% 48 6% 16% 11% 46% 18% 6.6 1.3

DXP HNX Doan Xa Port JSC 311 160 -16% 40 -26% 17% 15% 0% 25% 7.8 1.3

STG HSX South Logistics JSC 193 873 32% 30 25% 21% 14% 0% 3% 6.4 1.3

Average 918 495 15% 112 3% 22% 16% 15% 25% 7.8 1.7

Median 593 406 15% 62 5% 20% 15% 8% 26% 7.6 1.5

HAH HSX Hai An Transport and Stevendoring JSC 928 431 93% 133 61% 35% 23% 44% 31% 7.0 2.1

Current

Ticker Exchange Company name Market

cap

2014

In 2015, due to increment of the

shipping segment which has a

low profit margin, the company

expects net profit to decrease

16% y-o-y.

Having a logistics center in Dinh

Vu Cat Hai area is a huge

opportunity for fast growth of

logistics companies.


SUMMARY FINANCIAL STATEMENTS

(*) unaudited

INCOME STATEMENT (VNDbn) 2011A 2012A 2013A 2014*

Revenues 125 191 224 431

% y-o-y 53.1% 17.2% 92.6%

COGS 49 74 90 229

Gross profits (excl. depreciation) 76 117 133 201

Selling expenses 0 0 0 0

G&A expenses 13 15 18 27

Selling and G&A expenses 13 15 18 27

EBITDA 63 101 116 174

Depreciation & amortization 24 29 33 42

EBIT 40 72 82 132

Financial income 1 5 4 7

Financial expense 22 8 7 8

Net other incomes / (expenses) (0) 1 (0) (2)

Income from associates 0 0 3 7

EBT 19 70 83 136

Tax expense 0 0 1 3

Effective tax rate 2.3% -0.6% 1.0% 1.9%

Net income 19 70 83 133

% margin 15.1% 36.8% 36.9% 30.9%

% y-o-y 272.5% 17.6% 61.4%

EPS (VND) 1,028 3,619 3,557 5,740

RATIO ANALYSIS 2011A 2012A 2013A 2014*

Profitability ratios

Gross margin (excl. depreciation) 60.9% 61.2% 59.6% 46.8%

EBITDA margin 31.8% 37.9% 36.8% 30.6%

Operating margin 50.8% 53.1% 51.7% 40.4%

Net profit margin 15.1% 36.8% 36.9% 30.9%

Return on avg. assets 18.7% 20.1% 23.0%

Return on avg. equity 27.4% 27.1% 35.3%

Leverage ratios

EBITDA / (I + capex) 1.3x 4.0x 12.9x 0.6x

Total debt/capital 34.0% 25.3% 18.1% 30.4%

Total debt/equity 51.5% 33.8% 22.1% 43.7%

Liquidity ratios

Asset turnover 2.8x 2.1x 1.9x 1.7x

Accounts receivable turnover (days) 49.8 53.3 59.4 49.2

Accounts payable turnover (days) 69.8 77.3 98.6 69.9

Inventory turnover (days) 2.5 5.5 17.6 33.2

Current ratio 2.3x 2.1x 2.5x 1.8x

Quick ratio 2.1x 2.0x 2.3x 1.3x

BALANCE SHEET (VNDbn) 2011A 2012A 2013A 2014*

Cash & near cash items 30 46 64 77

Short term investments 0 0 9 9

Accounts receivables 17 28 36 58

Inventories 0 1 4 21

Other current assets 5 5 6 28

Current assets 52 80 119 193

Net fixed assets 291 317 287 521

Long-term investments 3 6 11 21

Other long-term assets 1 0 0 4

Long-term assets 295 323 298 546

Total assets 348 403 418 739

Accounts payable 9 16 24 44

Short-term borrowings 13 21 19 56

Other short-term liabilities 0 0 4 8

Current liabilities 22 37 47 109

Long-term borrowings 102 77 52 134

Other long-term liabilities 0 0 0 60

Long-term liabilities 102 77 52 194

Total liabilities 125 114 99 303

Share capital & APIC 206 270 270 291

Retained earnings 17 54 63 102

Other equities 0 -35 -14 43

Equity 223 289 319 436

Total liabilities and equity 348 403 418 739

CASH FLOW STATEMENT (VNDbn) 2011A 2012A 2013A 2014*

Cash from operation activities 46 94 109 172

Cash from investing activities (40) (14) (14) (266)

Cash from financing activities 14 (64) (77) 108

Net changes in cash 20 16 17 14

Beginning cash balance 10 30 46 64

Ending cash balance 30 46 64 77


CONTACT INFORMATION

For further information regarding this report, please contact the following members of the VPBS

research department:

Barry David Weisblatt

Head of Research

[email protected]

Luu Bich Hong

Director - Fundamental Analysis

[email protected]

Nguyen Thi Quynh Trang

Research analyst

[email protected]

For any questions regarding your account, please contact the following:

Marc Djandji, CFA

Head of Institutional Sales and Brokerage

& Foreign Individuals

[email protected] +848 3823 8608 Ext: 158

Ly Dac Dung

Head of Retail Sales and Brokerage

[email protected]

+844 3974 3655 Ext: 335

Vo Van Phuong

Director of Retail Sales and Brokerage

Nguyen Chi Thanh 1 - Ho Chi Minh City

[email protected]

+848 6296 4210 Ext: 130

Domalux


Nguyen Chi Thanh 2 - Ho Chi Minh City

[email protected]

+848 6296 4210 Ext: 128

Tran Duc Vinh


Lang Ha - Ha Noi

[email protected]

+844 3835 6688 Ext: 369

Nguyen Danh Vinh

Associate Director of Retail Sales and Brokerage

Le Lai - Ho Chi Minh City

[email protected]

+848 3823 8608 Ext: 146


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Documents

HAH-10032015-VPBS(TA)