PNJ released Q1 2021 results, in which net revenue reached VND7.2tn (USD312mn; +44% YoY) while NPAT amounted to VND513bn (USD22mn; +26% YoY). These results imply revenue and NPAT growth of 60% and 99% YoY in March 2021, respectively, vs a low comparative base in March 2020 when COVID-19 started to have severe disruptions on PNJ’s operations. Overall, PNJ’s retail sales are tracking ahead of our expectation and suggest potential upside to our current forecasts, pending a fuller review.