HAH

Construction

Công ty Cổ phần Vận tải và Xếp dỡ Hải An

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

55.900

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

5.427

Current

55.900

Gap

-90.3%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" maps to the construction group

ModelEV/EBITDA + DCF Blend

Intrinsic = 50% x EV/EBITDA Value + 50% x DCF Value

Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.100

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

12.20%

E/(D+E)

59.17%

Kd(1-t)

6.47%

D/(D+E)

40.83%

WACC

10.00%

Growth Estimate

fundamental firm blend10.29%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

18.508

50%DCF Value

-7.655

Blended Intrinsic

5.427

Value Decomposition

33%

67%

Explicit period (33%)Terminal value (67%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — HAH

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-1.76

Elevated

DSRI

1.117

GMI

0.822

AQI

2.268

SGI

1.275

DEPI

0.843

SGAI

0.548

TATA

-0.035

LVGI

0.837

HAH exhibits a moderate risk profile with a Beneish M-Score of -1.7608, indicating it is close to the threshold for potential earnings manipulation. However, its earnings quality score of 75.1 suggests a relatively strong performance in terms of cash conversion and receivables management.

Red Flags

Beneish M-Score of -1.7608 is just above the manipulation threshold of -1.78, indicating potential earnings manipulation.
Revenue quality score of 0.0/100 raises concerns about the sustainability of reported revenues.

Positive Signals

Earnings Quality Score of 75.1/100 indicates good overall earnings quality, particularly strong cash conversion at 100.0/100.
Strong institutional ownership with the top five shareholders holding a combined 61.4%, suggesting stability and confidence from institutional investors.

Ownership Risk

The high concentration of institutional ownership (61.4% among top five shareholders) reduces the risk of erratic management decisions but may also lead to potential conflicts of interest if their objectives diverge from minority shareholders.

Recommendation

Investors should monitor HAH closely for any signs of earnings manipulation while considering its strong earnings quality metrics. A cautious approach is advised, potentially waiting for more transparency in revenue reporting before making significant investments.

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score

7/9

Strong

Z-Score

3.09

Safe Zone

Sharpe

0.67

Positive

Composite

Fair

Price Risk

Momentum

+63.2%

Volatility

43.4%

Max Drawdown

-30.0%

Key Ratios

Fiscal year 2025

8.19P/E

P/B2.19

P/S1.94

ROE31.0%

ROA15.1%

EPS7145.00

BVPS26704.29

Gross Margin38.6%

Net Margin23.7%

D/E0.62

Current Ratio1.03

Rev Growth27.5%

Profit Growth85.5%

EV/EBITDA4.80

Div Yield0.0%

Company Overview

Issued Shares

168.9M

Charter Capital

1858.4B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Kho bãi, hậu cần và bảo dưỡng

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for HAH — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Container Việt Nam

Inst

17.7%

29.9 trieu

Công ty Cổ Phần Đầu Tư Và Vận Tải Hải Hà

Inst

15.7%

26.6 trieu

america limited liability company

Inst

8.0%

3.8 trieu

Công ty TNHH Vận Tải Và Đại Lý Vận Tải Đa Phương Thức

Inst

5.4%

9.2 trieu

Công ty Cổ phần Quản lý Quỹ Leadvisors

Inst

4.6%

6.0 trieu

Công ty Cổ Phần Hàng Hải Macs

Inst

4.5%

1.5 trieu

Công ty TNHH Đầu tư TM

Inst

4.4%

4.7 trieu

Samarang Ucits - Samarang Asian Prosperity

Inst

4.3%

2.0 trieu

Công Ty Tnhh Một Thành Viên Dịch Vụ Cảng Xanh

Inst

3.9%

6.5 trieu

Công ty Cổ phần Hàng Hải Nam Dương

Inst

3.8%

1.3 trieu

CTBC Vietnam Equity Fund

Inst

3.1%

2.1 trieu

Japan South East Asia Finance Fund III L.P.

Inst

3.0%

5.7 trieu

Công ty Cổ phần MHC

Inst

2.8%

642.170

Vũ Ngọc Sơn

Indiv

2.7%

4.5 trieu

Vietnam Growth Investment Fund L.p.

Inst

2.5%

4.7 trieu

Công Ty Tnhh Một Thành Viên Trung Tâm Logistics Xanh

Inst

2.4%

4.1 trieu

Ssiam Ucits

Inst

2.3%

786.165

andbanc investments sif-vietnam value and income portfolio

Inst

2.3%

787.995

Daiwa-ssiam Viet Nam Growth Fund Iii L.p

Inst

2.1%

3.8 trieu

Công ty TNHH Quản lý quỹ SSI

Inst

1.5%

2.7 trieu

DC Developing Markets Strategies Public Limited Company

Inst

1.5%

1.0 trieu

Công ty Cổ phần Hải Minh

Inst

1.2%

412.500

Trần Quang Tiến

Indiv

1.0%

1.1 trieu

Công ty Cổ phần Tập đoàn Macstar

Inst

0.9%

1.0 trieu

Vũ Hải Trường

Indiv

0.8%

400.000

nguyen-linh-chi

Indiv

0.4%

741.482

Vũ Doãn Hạnh

Indiv

0.4%

682.351

Samsung Vietnam Securities Master Investment Trust

Inst

0.3%

218.800

Phùng Văn Quang

Indiv

0.3%

150.750

Tạ Mạnh Cường

Indiv

0.3%

147.078

Nguyễn Thị Thiên Hương

Indiv

0.3%

466.215

Vũ Thanh Hải

Indiv

0.2%

363.171

Đỗ Thành Đĩnh

Indiv

0.2%

92.400

KB Vietnam Focus Balanced Fund

Inst

0.2%

120.000

Công ty Cổ phần Transimex

Inst

0.1%

52.415

Board & Management

Vũ Ngọc Sơn2.7%

Chủ tịch Hội đồng Quản trị

Trần Quang Tiến1.0%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Vũ Thanh Hải0.2%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Ngọc Tuấn

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Nguyễn Thị Vân

Thành viên Hội đồng Quản trị

Nguyễn Thị Thanh Tú

Trưởng Ban kiểm soát

Trần Thị Thanh Hảo

Trưởng phòng Tài chính - Kế toán

Nguyễn Xuân Lộc

Thành viên Ban kiểm soát

Trần Thị Thơm

Thành viên Ban kiểm soát

Trần Thị Hải Yến

Thành viên Hội đồng Quản trị

Nguyễn Ngọc Minh

Người phụ trách quản trị công ty/Phụ trách Công bố thông tin

Phạm Thị Hồng Nhung

Phó Tổng Giám đốc

Top connections

TOT82.3%GIC2 links VSM65.0%VNF61.1%TJC57.7%VGR2 links VNA39.0%MAC4 links DNL30.9%CLX2 links SGN3 links WCS23.6%

Computed 12/04/2026