* We attended PHR’s AGM on June 27.
* Shareholders approved 2025G minimum guidance for the parent company’s total income (including revenue, financial income, and other income) of VND1.7tn (USD64mn; +9% YoY), PBT of VND376bn (USD14mn; +5% YoY), and NPAT of VND342bn (USD13mn; +8% YoY). PHR completed 103%/95%/129% of the respective 2022/2023/24G parent company PBT guidance.
* PHR has not provided its consolidated profit guidance. We forecast PHR’s consolidated NPAT-MI at VND547bn (USD21mn; +19% YoY) for 2025F, mainly due to a YoY higher profit forecast for the rubber segment and factoring in our assumed compensation income from the Bac Tan Uyen 1 IP (on PHR’s rubber land) developed by THADICO Binh Duong (under THACO Group). We expect no significant changes to our full-year forecasts, pending a fuller review.
* Shareholders approved (1) a FY2024 cash dividend at VND1,350/share and (2) a FY2025 cash dividend at a minimum VND1,316/share. We currently forecast FY2024 and FY2025 dividends of VND1,316/share (2.2% dividend yield) and VND2,000/share (3.3% dividend yield), respectively.
* Shareholders approved the dismissal of a member of the Board of Directors for the 2023 - 2028 period, Mr. Nguyen Van Tuoc, and the appointment of a new nember to the Board of Directors, Mr. Tran Hoang Giang.
* Shareholders approved the dismissal of a member of the Supervisory Board for the 2023 - 2028 period, Mr. Vu Quoc Anh, and the appointment of a new nember to the Supervisory Board, Mr. Vo Quoc Thang.
PHR is currently in discussions with THACO on the Bac Tan Uyen 1 IP. Management stated that the Bac Tan Uyen 1 industrial park (786 ha of total site area) is being developed (by THADICO Binh Duong - under THACO Group) on PHR’s rubber land. PHR is currently in discussions with THACO regarding cooperation terms and land compensation, with project execution expected to begin in 2025. While the compensation rate has not yet been finalized and disclosed, PHR expects it will be no lower than that of prior projects in the area. Previously, PHR received land compensation at a minimum rate of VND2.5bn/ha at VSIP III and NTU3.
Substantial rubber land bank to be converted: In the IP development plan for Binh Duong Province approved by the Prime Minister under Decision 790, PHR plans to develop 6 industrial parks (Tan Lap 1, Bau Bang 4, Lai Hung, Bac Tan Uyen 1, 2, and 3) with a total area of 2,730 ha, and 8 industrial clusters (Tan Dinh 1, 2, 3, 4; Bo La 1, 2, 3, 4) covering 575 ha. The company will either act as the main investor or cooperate with other partners to implement these projects.
YoY higher rubber prices are expected to drive Q2 2025 results. PHR’s rubber ASP is currently above VND50mn/tonne, compared to VND40.95mn/tonne in H1 2024 and VND53mn/tonne in Q1 2025. The YoY increase in rubber prices is expected to boost Q2 2025 earnings results, per management. For 2025G, the company guides for PHR’s rubber consumption at 31,008 tonnes (+9% YoY) and rubber ASP to be broadly flat vs 2024.
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