- PHR announced Q1 2023 results with revenue declining 11% YoY to VND326bn (USD14mn) and NPAT-MI decreasing 23% YoY to VND228bn (USD10mn), achieving 20% and 41% of our respective full-year forecasts. 

- In Q1 2023, PHR recognized VND200bn (USD9mn) of compensation income from rubber land conversion to Vietnam Singapore Industrial Park (VSIP) III IP, accounting for 71% of PBT.

- We currently assume PHR will recognize compensation income of VND321bn (USD16mn) from rubber land conversion to VSIP III IP in 2023, accounting for 47% of total PBT in the year. In addition, PHR is entitled to 20% of the profit VSIP III IP makes on its rubber land (691 ha), which we expect will start being recognized this year and contribute to PHR’s compensation income.

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