Phuoc Hoa Rubber (HOSE: PHR) | 3Q26 Earnings First Take, BUY (No change)

Strong Earnings Driven By Land Compensation, While Core Rubber Margins Face Pressure

3Q26 Results: Non-Recurring Income Drives Profit Growth Despite Margin Compression. PHR reported revenue of VND657bn (+6.7% YoY, +61.9% QoQ), while GPM contracted sharply to 15.3% from 34.2% in 2Q26. Despite weaker core profitability, NPAT-MI increased 64.4% YoY to VND426.5bn, supported by VND469.9bn in net other income (+291.4% YoY).

9M26 Performance: Land Compensation Drives Earnings Despite Weaker Core Margins. Revenue rose 18.2% YoY to VND1,533bn, with rubber sales contributing 93.8%, while GPM narrowed to 23.3% (-3.5ppts YoY. NPAT-MI surged 139.9% YoY to VND1,070bn, highlighting strong reported earnings but continued reliance on non-recurring income rather than core rubber profitability.