- PNJ released its preliminary Q3 2022 results with net revenue of VND7.4tn (USD301mn; +8x YoY) and NPAT of VND252bn (USD10mn) vs a loss of VND160bn in Q3 2021 as all of the company’s stores in HCMC were closed from June to mid-October 2021 due to social distancing measures. For 9M 2022, PNJ’s net revenue was VND25.6tn (USD1bn; +104% YoY) and its NPAT was VND1.3tn (USD55mn; +133% YoY), which completed 73% and 70% of our respective full-year forecasts and were in line with our expectations.

- The above results imply net revenue of VND2.5tn (USD103mn; +11x YoY) and NPAT of VND94bn (USD4mn) in September 2022 vs a loss of VND49bn in September 2021.

- Retail sales generated revenue of VND4.7tn (USD193mn; +8x YoY) in Q3 2022. Although we believe Q3 2022 retail sales normalized from high average quarterly retail sales of VND5.4tn (USD220mn) in H1 2022, we think this still indicates the resilient spending power of PNJ’s customer base in comparison with normal Q3 retail revenue results such as Q3 2019 retail sales of VND2.0tn (USD82mn).