- PHR released its Q1 2025 results with revenue of VND311bn (USD12mn; -4% YoY) and NPAT-MI of VND96bn (USD3.7mn; +31% YoY), completing 20% and 24% of our respective full-year forecasts. The bottom-line increase in Q1 2025 was largely driven by a higher GPM for the rubber segment as the rubber ASP increased YoY.
- The total of financial income, net income from affiliates, and net other income in Q1 2025 was VND50bn (-2% YoY), fulfilling 12% of our full-year forecast. For 2025F, we continue to expect (1) NTC (affiliate of PHR) to hand over the unbilled backlog at Nam Tan Uyen 3 IP (Binh Duong) and (2) PHR to receive compensation income for land sales at VSIP III (PHR is entitled to 20% of the profit made on VSIP III land sales as part of its rubber land compensation).
- We anticipate insignificant changes to our 2025F NPAT-MI forecast, pending a fuller review.
PHR’s Q1 2025 results
VND bn | Q1 | Q1 | YoY | 2025F | Q1 2025 as |
Net revenue | 323 | 311 | -4% | 1,570 | 20% |
- Rubber & wood | 306 | 277 | -9% | 1,487 | 19% |
- IP segment | 18 | 35 | 96% | 84 | 42% |
Gross profit | 72 | 102 | 41% | 300 | 34% |
SG&A expenses | -29 | -37 | 26% | -144 | 25% |
EBIT | 44 | 66 | 52% | 156 | 42% |
Financial income | 30 | 27 | -9% | 176 | 15% |
- Dividend | 0 | 0 | N.M. | 47 | 0% |
Financial expense | -4 | -2 | -48% | -37 | 6% |
Net income from affiliates | 21 | 23 | 6% | 105 | 22% |
Net other income | 0 | 1 | N.M. | 126 | 0% |
- Compensation | 0 | 0 | N.M. | 88 | 0% |
- Others | 0 | 0 | N.M. | 38 | 0% |
PBT | 90 | 114 | 26% | 525 | 22% |
NPAT-MI | 73 | 96 | 31% | 401 | 24% |
|
|
|
|
|
|
GPM | 22.4% | 32.9% |
| 19.1% |
|
- Rubber & wood | 19.0% | 23.8% |
| 16.0% |
|
- IP segment | 81.7% | 79.2% |
| 74.9% |
|
OPM | 13.5% | 21.2% |
| 9.9% |
|
NPM | 22.6% | 30.7% |
| 25.5% |
|
Source: PHR, Vietcap forecasts (last updated October 7, 2024)
Powered by Froala Editor
