External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Using the Sum -of-the-Parts (SoTP) method, we determine the fair value of PHR shares to be VND 76,000 per share. Including a cash dividend of VND 3,000 (for 2026F), the total expected return is 25.6%, based on the closing price on July 14th, 2026.</li><li>The 2026F –2027F period marks a major turning point for PHR's financial structure, with "other income" expected to reach VND 2,127 billion in 2026F and VND 2,045 billion in 2027F, stemming from changes in payment methods at VSIP III, compensation for the Ba c Tan Uyen 1 IP project (Thaco), and surplus income from the Tan Lap 1 project. </li><li>Net profit attributable to parent company shareholders is projected to reach VND 2,067 billion (+303% YoY) in 2026F and VND 2,089 billion (+1% YoY) in 2027F, pushing Return on Equity (ROE) to 44% (in 2026F) and 35% (in 2027F) as net profit margins expand t o 117% and 129%, respectively</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>

Using the Sum -of-the-Parts (SoTP) method, we determine the fair value of PHR shares to be VND 76,000 per share. Including a cash dividend of VND 3,000 (for 2026F), the total expected return is 25.6%, based on the closing price on July 14th, 2026.The 2026F –2027F period marks a major turning point for PHR's financial structure, with "other income" expected to reach VND 2,127 billion in 2026F and VND 2,045 billion in 2027F, stemming from changes in payment methods at VSIP III, compensation for the Ba c Tan Uyen 1 IP project (Thaco), and surplus income from the Tan Lap 1 project. Net profit attributable to parent company shareholders is projected to reach VND 2,067 billion (+303% YoY) in 2026F and VND 2,089 billion (+1% YoY) in 2027F, pushing Return on Equity (ROE) to 44% (in 2026F) and 35% (in 2027F) as net profit margins expand t o 117% and 129%, respectivelyContent 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 - Trading White Latex for Golden Pockets

Phuoc Hoa Rubber

PHR - Trading White Latex for Golden Pockets