PHR – Brief – [NONRATED] – NP slides on weak IP and no VSIP III payment
- In 4Q25, PHR reported VND499bn net revenue (-19% QoQ, -21% YoY, figure 1). In particular:
- Rubber: revenue lowered to VND468bn (94% of total revenue, -22% QoQ, -19% YoY) due to 6-10% YoY drop in rubber price.
- IP: revenue fell to VND17bn (3% of total revenue, +1% QoQ, -56% YoY), as no new contract eligible for one-off recognition (~VND21.8bn) was signed in 4Q25, unlike in 4Q24.
- Gross profit reached VND157bn (+8% QoQ, -26% YoY, figure 2), rubber GPM inched up to 30.9% (+9.1%p QoQ, +0.3%p YoY, figure 5). GPM slightly improved despite a sharper decline in selling prices than in raw rubber procurement costs (figure 3, 4) is likely attributable to PHR beginning to sell inventories with lower cost bases accumulated in the previous quarter.
- However, total EBT falling 69% YoY to VND79bn (figure 6) following:
- SG&A expenses up 22% YoY due to higher labor expenses (+66% YoY).
- Net financial income declined as PHR recorded a VND28.5bn provision for its investment in the Ngoc Linh Hydropower (14.23% ownership).
- In addition, PHR did not record compensation income from VSIP III IP as it did in 4Q24 (VND55.7bn).
- NP came in at VND70bn (-73% QoQ, -70% YoY).
Featured Analysis
PHR – Brief – [NONRATED] – NP slides on weak IP and no VSIP III payment
Banking – Note – [NEUTRAL] – On target
Derivatives: Declining liquidity
Market commentary: Sustained demand
Derivatives: Reversal signal?
Market commentary: Broad-based gains
Derivatives: Increased volatility
