- We upgrade our rating for PTB from MARKET PERFORM to BUY to as we raise our target price by 22% to VND72,900/share mainly because we raise our 2024F/25F/26F NPAT-MI by 13%/9%/7%, respectively, and increase our target blended 2024F P/E from 11.7x to 12.5x.

- We raise our earnings forecast because PTB’s furniture exports are recovering stronger than we expected and management expects to resume business with Gigacloud — the new owner of Noble House Home Furnishing LLC.

- We expect Q1 2024 furniture exports to grow 15% YoY while stone exports remain flat YoY. We forecast 2024F wood revenue to grow 40% YoY and exceed its 2021 peak by 13%. Meanwhile, we project 2024F stone revenue to grow 9% YoY from a higher 2023 base compared to the wood segment.

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