- PNJ released its preliminary Q2 2022 results with net revenue of VND8.1tn (USD351mn; +81% YoY) and NPAT of VND367bn (USD16mn; +65% YoY). For H1 2022, net revenue was VND18.2tn (USD792mn; +56.5% YoY) and NPAT was VND1.1tn (USD47mn; +48% YoY), which completed 72% and 70% of our respective full-year forecasts. We see potential upside to our forecasts, pending a more extensive review.

- The above results imply net revenue of VND2.6tn (USD114mn; +160% YoY) and NPAT of VND82bn (USD4mn; +64% YoY) in June 2022. While these resilient business results have been clearly proven up to June 2022, we note that June 2021 was a low base. HCMC — which typically accounts for about half of PNJ’s retail sales — increased social distancing measures in June 2021, and all of PNJ’s stores in HCMC were closed until mid-October 2021. Therefore, we expect PNJ to enjoy a strong growth rate in both the top and bottom lines in Q3 2022 from a low base. 

- Retail sales generated revenue of VND5.0tn (USD218mn; +90% YoY) in Q2 2022, which we believe is solid in comparison with VND5.8tn (USD251mn) in the high season Q1 2022. In terms of overall segmental performances in H1 2022, retail revenue (59% of total sales in H1 2022) surged 62% YoY, wholesales revenue (12% of total sales in H1 2022) increased 30% YoY and gold bars (28% of total sales in H1 2022) soared 66% YoY.

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