PNJ released 2020 results, in which net revenue reached VND17.5tn (USD752mn; +3% YoY) while NPAT amounted to VND1.1tn (USD46mn; -10% YoY). In Q4 2020, net revenue reached VND5.8tn (USD251mn; +10% YoY) while NPAT amounted to VND427bn (USD18mn; +10% YoY). In December 2020 alone, we estimate net revenue advanced 14% YoY while the bottom line increased 7% YoY.