* We attended PHR’s AGM on May 28.
* 2026G Guidance: Shareholders approved 2026G minimum guidance for the parent company’s total income (including revenue, financial income, and other income) of VND2.3tn (USD87mn; +8% YoY) and NPAT of VND779bn (USD30mn; +57% YoY). PHR has not provided its consolidated profit guidance.
* Management additionally shared during the AGM that due to positive compensation income related to the VSIP III and Bac Tan Uyen 1 IPs, potential parent company PBT 2026 guidance could reach ~VND2.0tn (USD76mn; 5x YoY). For 6M 2026, PHR shared that the expected profit has exceeded the full-year guidance by ~30%.
* Overall, we anticipate potential upside to our 2026/27F NPAT-MI forecasts of VND1.0tn (USD40mn, +118% YoY) and VND1.4tn (USD54mn, +38% YoY) due to the possibility of higher-than-expected compensation income during 2026-27F, pending a fuller review.
* Cash dividends: Shareholders approved plans for (1) a FY2025 cash dividend at VND1,400/share and (2) a FY2026 cash dividend at a minimum of VND2,509/share (total minimum dividend payment of VND340bn). We currently forecast FY2025 and FY2026 dividends of VND1,316/share (2.0% dividend yield) and VND2,000/share (3.0% dividend yield), respectively.
* Bonus share plan: Shareholders approved an 80% bonus share issuance (receive 8 new shares for every 10 shares held), sourced from the FY2025 investment and development fund. The issuance is expected to be completed in 2026G, subject to approval from relevant State authorities and the company satisfying all issuance conditions under applicable laws.
* Shareholders approved the dismissal of a member of the Board of Directors for the 2023 - 2028 period, Mr. Mai Huu Tin, and the appointment of a new nember to the Board of Directors, Mr. Huynh Tan Sieu.
VSIP III and Bac Tan Uyen 1 IP compensation income to boost 2026–27F earnings: PHR guided for remaining compensation income of VND2.1tn (USD80mn) from VSIP III to be received in 2026–2027G, bringing total cumulative compensation and support for the project to VND3.3tn (USD124mn). Of this remaining amount, around VND1.05tn (USD40mn) is expected to be received at end-May 2026. Meanwhile, for the Bac Tan Uyen 1 IP, total expected compensation is over VND1.4tn (USD53mn), including around VND500bn (USD19mn) expected in 2026.
Rubber prices to remain elevated in the remainder of 2026: PHR’s rubber ASP averaged VND51.3mn/tonne in 5M 2026, up ~5% vs the full-year 2025 ASP. Meanwhile, the current spot price for CV rubber is hovering around VND63–64mn/tonne — a level management believes could potentially be sustained over the medium term. In terms of volume, management guides for total rubber consumption of 28,200 tonnes in 2026G, broadly flat YoY, with 5M consumption volume of ~10,300 tonnes tracking broadly in line with this guidance.
Substantial rubber land bank available for conversion: Of PHR’s current managed rubber land bank of ~15,000 ha in Vietnam (mainly in the prior province of Binh Duong, now part of HCMC), management expects around 5,000 ha to remain as long-term rubber plantations, while the remainder is planned for conversion into industrial parks, industrial clusters, residential developments, renewable energy, and high-tech agriculture projects. Notably, the self-developed Tan Lap 1 IP (200 ha) is currently completing its 1/2000 master plan and is expected to commence operations in 2027, primarily targeting wood-sector tenants.
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