- 2024-10-31T00:00:00
- Company Research
- PHR’s 9M 2024 revenue increased 13% YoY to VND1.0tn (USD40mn) but NPAT-MI plunged 50% YoY to VND236bn (USD9.4mn). The YoY decline in 9M 2024 NPAT-MI was mainly due to minimal other income from rubber tree liquidation and land compensation, which were partially offset by YoY higher revenue and GPM from the rubber and wood segment as rubber’s ASP increased. We anticipate no significant changes to our 2024F NPAT-MI forecasts of VND340bn (USD14mn; -45% YoY), pending a fuller review.
- The rubber and wood segment’s revenue increased 44% YoY to VND945bn (USD38mn) in 9M 2024, which was mainly driven by strong YoY increases in the rubber ASP. PHR’s rubber price was around VND50mn/tonne in September 2024, compared to 2023’s ASP of VND35mn/tonne.
- The total of financial income, net income from affiliates, and net other income in 9M 2024 was VND178bn (USD7.1mn; -62% YoY), achieving 58% of our full-year forecast. We anticipate PHR to record compensation income of around VND58bn (USD2.3mn; vs no such income in 9M 2024) in Q4 2024F from 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). Cumulatively, PHR has recognized compensation for ~44 ha of land sales at VSIP III (out of ~80 ha sold in 2022-23).
PHR’s 9M 2024 results
VND bn | Q3 2023 | Q3 2024 | YoY | 9M 2023 | 9M 2024 | YoY | 2024F | 9M as % of 2024F |
Net revenue | 453 | 412 | -9% | 890 | 1,007 | 13% | 1,550 | 65% |
- Rubber & wood | 257 | 389 | 51% | 657 | 945 | 44% | 1,460 | 65% |
- IP segment | 196 | 23 | -88% | 233 | 62 | -73% | 89 | 70% |
Gross profit | 149 | 83 | -44% | 242 | 213 | -12% | 309 | 69% |
SG&A expenses | -36 | -30 | -16% | -89 | -87 | -3% | -143 | 61% |
EBIT | 113 | 52 | -54% | 153 | 126 | -18% | 167 | 76% |
Financial income | 36 | 47 | 31% | 136 | 111 | -18% | 175 | 64% |
- Dividend | 0 | 17 | N.M. | 16 | 17 | 6% | 47 | 37% |
Financial expense | -3 | -5 | 47% | -16 | -16 | 1% | -28 | 57% |
Net income from affiliates | 25 | 21 | -16% | 60 | 64 | 6% | 35 | 185% |
Net other income | 0 | 1 | N.M. | 275 | 3 | -99% | 98 | 3% |
- Compensation | 0 | 0 | N.M. | 200 | 0 | -100% | 58 | 0% |
- Others | 0 | 1 | N.M. | 75 | 3 | -96% | 40 | 7% |
PBT | 170 | 116 | -32% | 608 | 287 | -53% | 446 | 64% |
NPAT-MI | 121 | 98 | -19% | 471 | 236 | -50% | 340 | 69% |
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GPM | 32.9% | 20.1% |
| 27.2% | 21.1% |
| 20.0% |
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- Rubber & wood | 1.9% | 16.7% |
| 11.0% | 17.6% |
| 17.0% |
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- IP segment | 73.3% | 77.2% |
| 73.0% | 74.7% |
| 74.9% |
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OPM | 24.9% | 12.7% |
| 17.2% | 12.5% |
| 10.8% |
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NPM | 26.8% | 23.9% |
| 52.9% | 23.4% |
| 21.9% |
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Source: PHR, Vietcap forecast (last updated October 7, 2024)
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