- 2024-01-19T00:00:00
- Company Research
- PHR released Q4 2023 results with revenue decreasing 20% YoY to VND461bn (USD19mn) while NPAT-MI was down 64% YoY at VND151bn (USD6.2mn). The lower profit YoY was mainly because of a lower income from VSIP III land compensation.
- 2023 revenue fell by 21% YoY to VND1.4tn (USD55.6mn) mainly due to a decrease in the rubber and wood segment. The revenue result was equivalent to 98% of our forecast.
- 2023 NPAT-MI declined by 30% YoY to VND622bn (USD26mn). The NPAT-MI result surpassed our forecast by 19% because of an unexpected increase in compensation income from VSIP III which we attribute to the profit (VND84bn/USD3.4mn attributable to PHR in Q4 2023) from VSIP III's IP land sales to Pandora and Lego in 2022. Additionally, as part of the compensation income for rubber land conversion, PHR is entitled to 20% of the profit that VSIP III generates from its 691 ha of converted rubber land (out of the total 1,000 ha for the VSIP III IP).
- We anticipate potential downside risk to our 2024F NPAT-MI forecast (pending a fuller review) given a large portion of the compensation income from VSIP III's IP land sales in 2022 was recognized more rapidly than we previously projected.
PHR’s 2023 results
VND bn | Q4 2022 | Q4 2023 | YoY | 2022 | 2023 | YoY | 2023F | 2023 as % of 2023F |
Net revenue | 577 | 461 | -20% | 1,709 | 1,351 | -21% | 1,375 | 98% |
| 500 | 471 | -6% | 1,457 | 1,127 | -23% | 1,136 | 99% |
| 76 | -10 | N.M. | 252 | 224 | -11% | 239 | 94% |
Gross profit | 143 | 88 | -38% | 401 | 330 | -18% | 312 | 106% |
SG&A expenses | -64 | -46 | -29% | -157 | -135 | -14% | -124 | 109% |
EBIT | 79 | 42 | -46% | 245 | 195 | -20% | 188 | 104% |
Financial income | 93 | 44 | -52% | 179 | 180 | 0% | 167 | 107% |
Dividend | 56 | 0 | N.M. | 56 | 16 | -71% | 16 | 104% |
Financial expense | -7 | -8 | 15% | -21 | -24 | 14% | -24 | 98% |
Net income from affiliates | -39 | 22 | N.M. | 30 | 82 | 175% | 78 | 106% |
Net other income | 412 | 86 | -79% | 698 | 360 | -48% | 277 | 130% |
Compensation | 409 | 84 | -80% | 698 | 284 | -59% | 200 | 142% |
Others | 3 | 2 | -26% | 0 | 77 | N.M. | 76 | 101% |
PBT | 533 | 187 | -65% | 1,127 | 794 | -30% | 686 | 116% |
NPAT-MI | 417 | 151 | -64% | 885 | 622 | -30% | 523 | 119% |
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GPM | 24.8% | 19.1% |
| 23.5% | 24.5% |
| 22.7% |
|
| 15.7% | 19.9% |
| 14.4% | 14.7% |
| 12.0% |
|
| 84.4% | 59.2% |
| 73.9% | 73.7% |
| 73.4% |
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OPM | 13.7% | 9.2% |
| 14.3% | 14.5% |
| 13.7% |
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NPM | 72.4% | 32.8% |
| 51.8% | 46.1% |
| 38.1% |
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Source: PHR, Vietcap forecast (last updated December 21, 2023)
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