| Title | X-Alpha | PHR 73,500 +15% One-off compensaton income |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Bussiness | PHR |
| Detail |
Date : 11/06/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 673 Kb Download: 10 Download |
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| Short Content |
BSC RECOMMENDATION BSC recommends BUY on PHR with a 2026 fair value of VND 73,500/share, implying an upside of 15% versus the closing price on June 10, 2026, based on the SOTP valuation method, with a target P/E of 7.x for the rubber and wood segments. Accordingly, 2026 forward EPS is estimated at VND 12,226/share. BSC issues a BUY recommendation amid:
2026–2027 BUSINESS OUTLOOK
In 2026, BSC forecasts PHR to record net revenue of VND 1,969 billion (+10% YoY) and NPAT-MI of VND 1,694 billion (+254% YoY), equivalent to forward EPS of VND 12,231/share. This is based on the assumptions that revenue from the rubber & wood segments will reach VND 1,849 billion (+10% YoY), while revenue from the industrial park & industrial park services segments will reach VND 120 billion (+7% YoY). In 2026, PHR is expected to record a sharp increase in net other income to VND 1,619 billion, mainly from compensation cash flow related to the Thaco Industrial Park and VSIP III projects. Gross margin is forecast to reach 30% (+4 ppts YoY), mainly driven by higher rubber prices. |