Equity Report

• 1Q25 revenue reduced 4% yoy but net profit (NP) grew 31% yoy thanks to average rubber latex price increasing 37% yoy, fulfilling 18% of our forecast;
• We decrease FY25-26F NP by 1%/35% due to the downgraded outlook for the industrial park (IP) segment. Post-adjustment, FY25-26F NP is expected to grow +11%/-5% yoy thanks to extraordinary income from rubber land compensation offsetting the IP segment;
• We change our recommendation to ADD as PHR’s stock price plummets to an attractive price, our new target price is VND 55,400/share.