- PHR released Q3 2023 results with revenue decreasing 13% YoY to VND453bn (USD19mn) while NPAT-MI was flat YoY at VND121bn (USD5.1mn). The low profit from the rubber & wood segment was partly offset by an increase in the revenue and gross margin of the IP segment. Additionally, there was higher financial income and income from affiliates in the period.

- Cumulative 9M 2023 gross profit was VND242bn (USD10mn; -6% YoY), mainly driven by handover at the Tan Binh IP (as of end-2022, this IP is 99% occupied, per PHR).  9M 2023 NPAT-MI edged up 1% YoY to VND471bn (USD20mn) and was equivalent to 85% of our full-year forecast. For Q4 2023F, we forecast a lower QoQ profit from the IP segment and we expect PHR to record another VND94bn (USD3.9mn) in other income mainly due to the 20% profit attributable to VSIP III land sales. As such, we anticipate no significant change in our 2023F NPAT-MI forecast, pending a more comprehensive review. 

- Financial income jumped 57% YoY to VND136bn (USD5.7mn) in 9M 2023, which was primarily a result of (1) interest income from deposits increasing 44% YoY to VND116bn (USD4.8mn), and (2) a VND16bn (USD0.7mn) of dividend income from Nam Tan Uyen JSC (NTC) — a 33%-owned subsidiary of PHR. 9M 2023 financial income (excluding distributed dividends which were recorded as financial income) completed 77% of our full-year forecast. 

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