Company Report

Up to 9M2018, PHR achieved VND 884 bn (-21% YoY) in net sales, in which net sales from the parent company was VND 667 bn (-22% YoY), accomplishing only 41.5% of the 2018 parent company target. At the current price of 31,800, PHR is being traded at 2018-19 PER levels of 10.6x and 9.2x based on core EPS, which are more than fair for a commodity stock given an expected moderate growth of 15% YoY in 2019 earnings. This gives an upside of 12% from the current price, equivalent to an OUTPERFORM rating.