PHR [BUY +25.9%] - VSIP III approval promises solid 2021 outlook - Update
  • 2021-02-22T17:58:01
  • Company Research
We reiterate our BUY rating for PHR and raise our target price (TP) by 4.5% to VND74,000/share, implying a projected total stock return of 25.9%, inclusive of a 6.5% dividend yield. We raise our TP mainly thanks to PHR’s higher net cash balance, which is partially offset by our cut in 2021/2022F NPAT-MI forecasts by 2.3%/3.3%, respectively. Our NPAT-MI cut mainly reflects our extended industrial park (IP) land sales recognition assumption; however, we maintain our launch timeline assumption