PTB announced its preliminary 2021 results, which include revenue of VND6.6tn (USD285mn; +16% YoY) and PBT of VND651bn (USD28mn; +41% YoY). We attribute these YoY growth rates mainly to PTB’s robust wood exports to the US in H1 2021 as well as the handover of its condo project in H2 2021. Per our estimate, excluding this property project, PBT of core businesses (i.e., wood, stone and auto dealership) advanced 14% YoY in 2021.