- Preliminary Q1 2022 revenue tracked slightly ahead of our forecast. In Q1 2022, revenue surged 41%-42% YoY and was VND10.2tn-10.3tn (USD444mn-447mn) — equivalent to 44% of our full-year revenue forecast. We note that in 2019 and 2021 (2020’s quarterly results were abnormally volatile due to COVID-19), Q1 revenue accounted for 28%-37% of PNJ’s full-year revenue. The Q1 2022 result implies revenue growth of 41%-44% in March 2022. Preliminary Q1 2022 NPAT have not yet been disclosed.