- PHR posted Q3 2022 results with flat revenue YoY at VND523bn (USD21mn) but NPAT-MI declining 16% YoY to VND122bn (USD5mn), which was mainly due to a YoY drop in IP land sales recognition. 

- In 9M 2022, PHR’s revenue declined 12% YoY to VND1.1tn (USD46mn), whereas its NPAT-MI surged 53% YoY to VND468bn (USD19mn), which was mainly thanks to the company recording VND280bn (USD11.4mn) of net compensation income from rubber land conversion to the Vietnam Singapore Industrial Park (VSIP) III IP in Q1 2022.

- We currently assume PHR will recognize compensation income of VND691bn (USD28mn) from rubber land conversion to the VSIP III IP in 2022F, accounting for 54% of our full-year PBT forecast. We note that PHR will recognize compensation income from land conversion based on actual cash payment from VSIP III as the company had previously obtained land conversion approval.

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