We initiate coverage of PHR with an OUTPERFORM rating and a target price of VND64,700/share, implying a projected stock return of 17.0%, inclusive of a 6.8% dividend yield. PHR is a listed natural rubber company with a valuable land bank in Binh Duong Province, which is ~25 km from HCMC’s CBD. The company is increasing its exposure to industrial parks (IPs) by converting rubber land to IP development. In 2018 and 2019, the IP segment contributed 20% and 57% to PHR’s total gross profit