- PNJ released its preliminary Q4 2022 results with net revenue of VND8.3tn (USD352mn; +18% YoY) and NPAT of VND466bn (USD20mn; +3% YoY). For 2022, PNJ’s net revenue was VND33.9tn (USD1.4bn; +73% YoY) and its NPAT was VND1.8tn (USD77mn; +76% YoY). Preliminary revenue and NPAT both completed 98% of our full-year forecasts and were slightly behind our expectations.

- The above results imply net revenue of VND2.8tn (USD119mn; +1% YoY) and NPAT of VND168bn (USD7mn; -13% YoY) in December 2022.

- Retail sales generated revenue of VND5.4tn (USD231mn; +24% YoY) in Q4 2022. The strong YoY growth of retail sales in Q4 2022 was mainly driven by 40% YoY and 28% YoY growth in October and November 2022, respectively. Meanwhile, retail sales were VND1.9tn (USD80mn; +8% YoY) in December 2022, which increased 18% MoM.

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