PHR - The approved master plan serves as the foundation for the land conversion story to be realized
• PHR's net sales reached VND 272 billion (USD 11 million), an increase of 146% over the same period last year. However, the parent company's NPAT decreased by 45% YoY due to the absence of income from rubber tree liquidation as in the previous year.• In the second half of the year, PHR expects to achieve sales of VND 992 billion (USD 41 million; +8% YoY), with NPAT reaching VND 426 billion (USD17 million; +56% YoY). Factors contributing to the growth in 2H compared to the same period last year include (1) rubber prices remain high compared to last year, (2) the NTC 3 project business will contribute significantly to profit/loss from joint ventures and associates, (3) compensation income from VSIP III is expected to surge as the project completes land handover to customers, (4) rubber tree liquidation activities will be recorded in 2H2024. For the full year 2024, PHR's total revenue is estimated at VND 1,587 billion (USD 65 million; +17.4% YoY), with NPAT at VND 564 billion (USD 23 million; -9% YoY). The corresponding EPS is VND 4,161.
• The master plan for Binh Duong Province for the period 2021-2030, with a vision to 2050, outlines the development of industrial parks, industrial clusters, and waste treatment facilities, including the conversion of 4,575 hectares of rubber land owned by PHR. By 2030, we maintain our expectation that the Tân Lập 1 Industrial Park project (51% owned by PHR), Lai Hung Industrial Park (600 hectares), and Tan Long Solid Waste Treatment Facility (400 hectares) will be the next projects eligible for investment approval. As a result, PHR may receive compensation when these projects are reclaimed for development.
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