Back to Previous Page
Phuoc Hoa Rubber (PHR VN) – H1 2026 Earnings – Net Profit Triples on Industrial Land Income
Summary of H1 2026 results and outlook of Phuoc Hoa Rubber JSC (PHR VN)
- PHR operates two core business segments: (1) rubber plantation and natural rubber sales, and (2) the conversion of plantation land for IP development.
- Net profit rose to VND655bn (+3.3x y/y). The IP segment was the main contributor, with earnings increasing to VND464bn (+5.7x y/y) on rubber land sales. Of this, PHR recognized VND137bn in net profit from the transfer of 84ha to Thaco for the development of Bac Tan Uyen 1 IP at VND2.05bn/ha, out of the agreed total of 704ha. In addition, PHR and VSIP revised their land transfer agreement, converting PHR’s entitlement to 20% of gross profit from land leasing at VSIP III into one-off payments totaling VND2,103bn over 2026-2027, contributing VND259bn to earnings in H1/2026. The remaining income from Thaco and VSIP is expected to be recorded in the coming quarters. Further contributions came from Nam Tan Uyen 2 Extension, with 18ha handed over at an average leasing price of USD170/sqm. The rubber segment generated VND129bn, supported by higher sales volume of 15,300 tons and higher selling prices at VND53mn/ton (+8.2% y/y) amid tight global supply. The remaining earnings mainly came from interest income.
- Looking ahead, we expect rising demand for industrial land in Binh Duong to accelerate the conversion of rubber plantation land for IP development. The ongoing expansion of global manufacturers, together with high occupancy rates of 94% at existing IPs in Binh Duong, highlights the need for additional industrial land supply. PHR is well-positioned to capture this demand, supported by its 12,800ha rubber land bank in strategic locations across Binh Duong. Our forecasts incorporate the conversion of 3,517ha with identified development plans.
- For H2/2026, the key driver should remain income from rubber land sales to Thaco and VSIP, with PHR expected to recognize earnings from Thaco and VSIP, while the remaining amounts will be recorded next year. Further contributions should come from handovers of 12ha at Nam Tan Uyen 2 Extension. The rubber segment is forecast to maintain its profit contribution, supported by elevated rubber prices.
- Looking ahead to 2027, we project income from rubber land sales to remain the key contributor at 76% of total earnings, mainly driven by the remaining income from Thaco and VSIP.
Read our previous analysis on PHR’s quarterly earnings.
Watch our latest insights on industrial park sector here.
Company ratings and target prices are accessible for clients only.
If you are interested in getting full access to our paid Primary Research Materials feel free to get in touch with us at your convenience.
Our team is actively covering 50 companies in the listed Vietnamese equity space for our clients.
Featured image credit: http://www.tanbinhip.com/
