We reiterate our BUY rating for PHR but trim our target price (TP) by 1.6% to VND67,700/share, implying a total projected return of 37.7%, inclusive a dividend yield of 4.0%. Our lower TP is mainly due to our extended recognition assumption for upfront compensation income from rubber land conversion to the VSIP III, which we now forecast to occur in 2022F vs previously 2021-2022F.
• Following our revised assumption for land conversion to the VSIP III IP, we cut our 2021F NPAT-MI forecast 54