PNJ released preliminary Q1 2022 results with net revenue of VND10.1tn (USD441mn; +41% YoY) and NPAT of VND721bn (USD31mn; +41% YoY). These results imply revenue and NPAT growth of 42% YoY and 50% YoY, respectively, in March 2022, vs a normal base in March 2021. Overall, PNJ’s results are tracking ahead of our expectation and suggest potential upside to our current forecasts, pending a more extensive review.