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Phuoc Hoa Rubber (PHR VN) – 9M 2025 Earnings – Massive IP Momentum Lifts Profits 82%
Summary of 9M 2025 results and outlook of Phuoc Hoa Rubber JSC (PHR VN)
- PHR operates two main business segments: (1) rubber plantation and natural rubber sales, and (2) conversion of plantation land for industrial park (IP) development.
- In 9M/2025, net profit increased 82.6% y/y to VND462 bn, mostly supported by earnings growth from both the IP and natural rubber segments. The IP segment contributed VND225 bn (+145.7% y/y), mainly from joint projects with other developers, including Nam Tan Uyen 2 Extension and VSIP III. During the period, these projects delivered a total of 72ha at an average leasing price of USD165-170/sqm, largely from previously signed MOUs. Meanwhile, the natural rubber segment contributed VND159bn (+49.3% y/y), driven by sustained high rubber selling prices averaging VND49mn/ton (+14.4% y/y) amid tight supply in major exporting countries, while sales volume also increased 12.9% y/y to 20,044 tons. The remaining contribution mainly came from interest income, totaling VND80bn.
- The recent positive progress toward a framework agreement on a “reciprocal, fair, and balanced” trade partnership between Vietnam and the U.S. is expected to further accelerate FDI inflows. This development could pave the way for a finalized trade agreement between the two countries in the near term. With Vietnam’s tariffs remaining only marginally higher than those of regional peers, and a 40% transshipment tariff now imposed across all U.S. trading partners, the country is expected to maintain its position as a leading destination for global manufacturers.
- The anticipated acceleration in industrial land demand will further enhance PHR’s outlook for converting rubber plantation land into IP development, given the high occupancy rate of 94% across existing IPs in Binh Duong. In recent years, the limited new supply across key manufacturing hubs in southern Vietnam has created an urgent need for additional land to accommodate rising demand.
- For Q4/2025, we forecast net profit to be mainly driven by the delivery of 28ha from joint IP projects, including Nam Tan Uyen 2 Extension and VSIP III.
- Looking ahead to 2026, we project total earnings to be largely driven by the planned sale of 786ha of rubber land to Thaco for the development of the Bac Uyen 1 IP project.
Read our previous analysis on PHR’s quarterly earnings.
Watch our latest insights on industrial park sector here.
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