- 2024-04-24T00:00:00
- Company Research
- PHR released its Q1 2024 results with revenue edging down 1% YoY to VND323bn (USD13mn) while NPAT-MI was down 68% YoY at VND73bn (USD2.9mn), achieving 23% and 18% of our respective 2024F full-year forecasts. The lower profit YoY was mainly because of the VND200bn (USD8.0mn) compensation income from VSIP III IP in Q1 2023 vs no such income in Q1 2024.
- Rubber & wood segment’s Q1 2024 gross profit jumped 83% YoY, which we attribute mainly to the significant recovery in rubber’s GPM and ASP. Meanwhile, based on the preliminary results released in March, total rubber consumption of PHR in Q1 2024 was down to ~4,400 tons (-21% YoY), which completed only 14% of our full-year forecast as Q1 is normally a low season for the rubber business.
- We anticipate no major changes to our 2024F NPAT-MI forecast of VND401bn (USD16mn; -35% YoY), pending a fuller review. We currently expect PHR to receive VND75bn (USD3.0mn) of compensation income from VSIP III IP as PHR is entitled to 20% of the gross profit that VSIP III IP generates from its 691 ha of converted rubber land (out of the total 1,000 ha for the VSIP III IP).
PHR’s Q1 2024 results
VND bn | Q1 2023 | Q1 2024 | YoY | 2024F | Q1 2024 as % of 2024F |
Net revenue | 326 | 323 | -1% | 1,419 | 23% |
- Rubber & wood | 308 | 306 | -1% | 1,287 | 24% |
- IP segment | 18 | 18 | -2% | 132 | 14% |
Gross profit | 46 | 72 | 57% | 292 | 25% |
SG&A expenses | -29 | -29 | 1% | -131 | 22% |
EBIT | 18 | 44 | 147% | 161 | 27% |
Financial income | 39 | 30 | -25% | 187 | 16% |
- Dividend | 0 | 0 | N.M. | 17 | 0% |
Financial expense | -5 | -4 | -13% | -30 | 15% |
Net income from affiliates | 26 | 21 | -18% | 91 | 24% |
Net other income | 205 | 0 | N.M. | 115 | 0% |
- Compensation | 200 | 0 | N.M. | 75 | 0% |
- Others | 5 | 0 | N.M. | 40 | 0% |
PBT | 284 | 90 | -68% | 525 | 17% |
NPAT-MI | 228 | 73 | -68% | 401 | 18% |
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GPM | 14.2% | 22.4% |
| 20.6% |
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- Rubber & wood | 10.4% | 19.2% |
| 15.0% |
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- IP segment | 78.2% | 77.8% |
| 74.9% |
|
OPM | 5.4% | 13.5% |
| 11.4% |
|
NPM | 69.9% | 22.6% |
| 28.2% |
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Source: PHR, Vietcap forecast (last updated March 21, 2024)
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