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PHR - Land value to be unlocked amid rubberwood price surge - Company Report

2017 revenue and NPAT rose 40.4% and 48.7%, respectively, thanks to a perfect combination of rubber price recovery, wood shortage and a larger liquidated area. Core tapping volume will decrease 15% p.a. in the next three years until PHR’s replanted area and its Cambodia project mature in 2020. As a result, 2018E revenue only increases 6.5% YoY. However, a larger liquidated area and a value unlock of 300 ha of land, which will be converted into industrial parks, should bloat PHR’s other