- PNJ released its preliminary Q1 2023 results with net revenue of VND9.8tn (USD415mn; -3.8% YoY) and NPAT of VND749bn (USD32mn; +3.8% YoY), which completed 27% and 36% of our respective full-year forecasts. As these results are in line with our expectation, we see no material risk to our 2023F forecast, pending a fuller review. 

- The above results imply net revenue of VND2.8tn (USD118mn; -9.7% YoY) and NPAT of VND193bn (USD8mn; -2.5% YoY) in March 2023. The decline of sales in March was mainly driven by an 11% YoY drop in gold bar sales and 31% YoY slump in wholesales revenue, which we attribute to broad-based weak consumption demand and a high base in March 2022. On the other hand, retail sales generated revenue of VND1.7tn (USD71mn; -1.5% YoY) in March 2023.

- In Q1 2023, retail sales (58% of total sales in Q1 2023) generated revenue of VND5.7tn (USD241mn; -0.6% YoY). Additionally, wholesales revenue (9% of total sales in Q1 2023) declined 19.2% YoY and gold bar revenue (32% of total sales in Q1 2023) slid 3.1% YoY. 

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