PNJ announced its full-year 2021 results, including revenue of VND19.6tn (USD852mn; +12% YoY) and NPAT of VND1.03tn (USD45mn; -4% YoY), which completed 104% and 97% of our respective full-year forecasts. The earnings decline was primarily due to severe COVID-19 disruptions that forced more than 80% of PNJ’s retail stores to shut down for most of Q3 2021.