PHR - Compensation income recognized; top line trails forecasts - Earnings Flash

- PHR announced its Q4 2022 results with revenue declining 13% YoY to VND577bn (USD24mn) while its NPAT-MI surged 77% YoY to VND419bn (USD17mn), which was mainly thanks to the recognition of approximately VND418bn (USD17mn) in compensation income.

- In 2022, PHR’s revenue declined 12% YoY to VND1.7tn (USD71mn), but its NPAT-MI jumped 86% YoY to VND887bn (USD37mn), which was mainly thanks to the company recording VND698bn (USD29mn) of compensation income from rubber land conversion to the Vietnam Singapore Industrial Park (VSIP) III IP.

- PHR’s 2022 revenue and NPAT-MI completed 95% and 91% of our full-year forecasts, respectively. While the recognition of compensation income was in line with our expectation, PHR’s top line and profit margins trailed our forecasts. 

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