- 2024-10-07T00:00:00
- Company Research
- We reiterate our BUY rating for PHR but lower our target price (TP) by 6% to VND69,300/share.
- Our lower TP is mainly due to our forecast for rescheduled project launches for the Tan Lap 1 industrial park (IP) and PHR’s upcoming IP projects, which are partially offset by (1) rolling our TP horizon forward to end-2025 from end-2024, and (2) higher valuations for the rubber and wood segments.
- We cut our respective 2024/25/26F NPAT-MI forecasts by 15%/49%/31%, primarily due to (1) a lower projected profit contribution from VSIP III IP in 2024-25F, driven by our reduced land sales forecasts in 2024F and our rescheduled stake investments by PHR into VSIP III, and (2) the expected launch of the Tan Lap 1 IP from 2026F vs 2025F previously.
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