We reiterate our BUY rating for PHR but cut our target price (TP) by 7% to VND68,800/share. We lower our TP mainly because (1) we remove our assumption for compensation income from PHR’s rubber land conversion to the Lai Hung industrial park (IP) in our earnings forecast and valuation; in addition, (2) we extend our assumption of PHR’s upfront compensation receipt from the VSIP III IP’s land conversion to 2021-2022F vs previously 2021F.