PHR – The Land Conversion Story Becomes Increasingly Clear
- The proposed master plan for Binh Duong province reveals a clearer path for land conversion, opening up numerous opportunities to realize the value of PHR's rubber land for future socio-economic development projects. According to estimates, the total area of land PHR can convert by 2030 is up to 3,972 ha.
- In our baseline scenario, we project that PHR's revenue and net income for the year 2024 will reach VND 1,623 billion (USD 66 million) and VND 694 billion (USD 28 million) respectively, marking increases of 20.1% and 11.5% year-over-year. This forecast is based on the scenarios where 1) the revenue from the VSIP 3 project continues, and the NTU3 project begins deliveries this year, and 2) the average selling price of rubber for the year is VND 41 million per ton. The corresponding EPS for 2024 is anticipated to be VND 5,042.
- Based on the Sum of The Parts (SOTP) method, the target price has been adjusted to VND 68,900 per share due to our updates on new projects and the benefits from land compensation in the proposed master plan of Binh Duong province. Coupled with an expected dividend of VND 4,000 per share over the next 12 months, the total expected return is 22% (based on the closing price on April 8, 2024), corresponding to a BUY recommendation for long-term investment objectives
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