- PTB released preliminary Q2 2022 business results and guidance for Q3 2022. Relative to our expectation, the outperformance of stone sales offset weaker-than-expected profit margins during the quarter.

- Q2 2022 core PBT inched up 5% YoY to VND168bn (USD7.3mn). PTB also recorded real estate PBT of VND26bn (USD1.1mn) in Q2 2022 from its Phu Tai Residence condo project compared to no property earnings in Q2 2021. H1 2022 PBT completed 47% of our 2022F. We note that H2 is typically PTB’s high season; however, this seasonality could be less pronounced in 2022 due to weakening demand.

- Wooden furniture sales grew 7% YoY in Q2 2022. Amid weakened demand from developed economies — especially the US — PTB still outperformed the industry’s YoY flat exports.

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