External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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<ul><li>We downgrade our rating for PHR to OUTPERFORM from BUY and cut our target price (TP) by 3% to VND67,400/share.</li><li>Our lower TP is mainly due to our softer ASP growth and reduced IP land sales projections for self-developed industrial parks (IPs)/ industrial clusters (ICs) given potential challenges from the recent US reciprocal tariff announcement and ongoing trade negotiations.</li><li>This is partly offset by a higher valuation for the land conversion segment and rolling forward our TP horizon to mid-2026 from end-2025.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We downgrade our rating for PHR to OUTPERFORM from BUY and cut our target price (TP) by 3% to VND67,400/share.Our lower TP is mainly due to our softer ASP growth and reduced IP land sales projections for self-developed industrial parks (IPs)/ industrial clusters (ICs) given potential challenges from the recent US reciprocal tariff announcement and ongoing trade negotiations.This is partly offset by a higher valuation for the land conversion segment and rolling forward our TP horizon to mid-2026 from end-2025.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PHR - Rubber Land Conversion to Resume, Drive 2025-26F Earnings

Rubber News Specialist, Helixtap

Vinod Nedumudy

Rubber News Specialist

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

<ul><li>Exports to Indonesia surge 154% MoM in June  </li><li>China drives monthly rubber trade rebound  </li><li>Typhoon Kajiki disrupts supply and pushes up prices  </li></ul>

Exports to Indonesia surge 154% MoM in June  China drives monthly rubber trade rebound  Typhoon Kajiki disrupts supply and pushes up prices  

Seasonal Surge Lifts Vietnam’s Rubber Exports In June Amid Price Strain

CEO, Helixtap

Farah Miller

<ul><li>As rains turn the bane of Thailand, Vietnam exports get a fillip</li><li>China export volume too goes up but value doesn’t match</li><li>Vietnam readying its rubber sector to meet emerging needs</li></ul>

As rains turn the bane of Thailand, Vietnam exports get a fillipChina export volume too goes up but value doesn’t matchVietnam readying its rubber sector to meet emerging needs

Vietnam Exports In Full Swing, But Returns Fail To Keep Pace

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a>’s S$0.413 per share MGO from <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a> has met the 50%+ minimum acceptance condition.</li>
<li>The closing date is extended from 24 March to 10 April. The payment settlement is within seven business days of receipt of a valid acceptance.</li>
<li>The offeror currently represents 50.003% of outstanding shares. At the last close, the gross and annualised spread for a 10 April payment is 2.0% and 41.8%, respectively. </li>
</ul>



Halcyon Agri (HACL SP)’s S$0.413 per share MGO from China Hainan Rubber Industry (601118 CH) has met the 50%+ minimum acceptance condition.
The closing date is extended from 24 March to 10 April. The payment settlement is within seven business days of receipt of a valid acceptance.
The offeror currently represents 50.003% of outstanding shares. At the last close, the gross and annualised spread for a 10 April payment is 2.0% and 41.8%, respectively. 


Halcyon Agri (HACL SP): Hainan Rubber’s Offer Is Declared Unconditional

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Phuoc Hoa Rubber Joint Stock Company (HSX: PHR) recorded revenue and net profit (NP) of VND1,711bn (-12.2% YoY) and VND886.9bn (+86% YoY), respectively.</li><li>This exceeded our forecast by 5%, due to higher revenue in the industrial park segment, which was 20% above our projection, reaching VND239bn (-5% YoY).</li><li>In 2022, the average price of rubber decreased significantly to US$1,450/ton (-14.7% YoY), due to high inflation and China's continued closure.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Phuoc Hoa Rubber Joint Stock Company (HSX: PHR) recorded revenue and net profit (NP) of VND1,711bn (-12.2% YoY) and VND886.9bn (+86% YoY), respectively.This exceeded our forecast by 5%, due to higher revenue in the industrial park segment, which was 20% above our projection, reaching VND239bn (-5% YoY).In 2022, the average price of rubber decreased significantly to US$1,450/ton (-14.7% YoY), due to high inflation and China's continued closure.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Phuoc Hoa Rubber - Net Profit Backed up by Earning from VSIP 3

Vietnam

Phuoc Hoa Rubber JSC operates a rubber tree plantation, where it also processes and trades rubber wood harvested. The Company manufactures basic rubber products, such as latex and Standard Vietnamese Rubber (SVR) products.

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Phuoc Hoa Rubber Jsc (PHR VN)

PHR - Rubber Land Conversion to Resume, Drive 2025-26F Earnings

We downgrade our rating for PHR to OUTPERFORM from BUY and cut our target price (TP) by 3% to VND67,400/share. Our lower TP is mainly due to our...

Vietcap

Seasonal Surge Lifts Vietnam’s Rubber Exports In June Amid Price Strain

Recovering fully from its off-season lull, Vietnam’s rubber industry entered June 2025 with renewed momentum, marking a decisive shift in...

Helixtap

Vietnam Exports In Full Swing, But Returns Fail To Keep Pace

Vietnam returned to a positive natural rubber outlook in September 2023, with oil prices showing a definite markup, while Thailand’s rubber...

Helixtap

Halcyon Agri (HACL SP): Hainan Rubber’s Offer Is Declared Unconditional

The offer (S$0.413 per share) is unconditional and closes on 10 April. Payment is within seven business days of receipt of a valid acceptance. At...

Arun George

Phuoc Hoa Rubber - Net Profit Backed up by Earning from VSIP 3

Phuoc Hoa Rubber Joint Stock Company (HSX: PHR) recorded revenue and net profit (NP) of VND1,711bn (-12.2% YoY) and VND886.9bn (+86% YoY),...

Mirae Asset Securities

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PHR - Rubber Land Conversion to Resume, Drive 2025-26F Earnings

We downgrade our rating for PHR to OUTPERFORM from BUY and cut our target price (TP) by 3% to VND67,400/share. Our lower TP is mainly due to our...

Vietcap

Seasonal Surge Lifts Vietnam’s Rubber Exports In June Amid Price Strain

​​​​​​​Recovering fully from its off-season lull, Vietnam’s rubber industry entered June 2025 with renewed momentum, marking a decisive shift in...

Helixtap

Vietnam Exports In Full Swing, But Returns Fail To Keep Pace

Vietnam returned to a positive natural rubber outlook in September 2023, with oil prices showing a definite markup, while Thailand’s rubber...

Helixtap

Halcyon Agri (HACL SP): Hainan Rubber’s Offer Is Declared Unconditional

The offer (S$0.413 per share) is unconditional and closes on 10 April. Payment is within seven business days of receipt of a valid acceptance. At...

Arun George

Phuoc Hoa Rubber - Net Profit Backed up by Earning from VSIP 3

Phuoc Hoa Rubber Joint Stock Company (HSX: PHR) recorded revenue and net profit (NP) of VND1,711bn (-12.2% YoY) and VND886.9bn (+86% YoY),...

Mirae Asset Securities

Recovering fully from its off-season lull, Vietnam’s rubber industry entered June 2025 with renewed momentum, marking a decisive shift in...