PTB [MARKET PERFORM -7.3%] - Solid core earnings growth, but valuation looks full

We maintain our MARKET PERFORM rating as we think PTB is fully valued with a 2022F PER of 10.9x (based on our forecast) vs a three-year peer average of 11.6x.
- We remain positive on PTB’s ability to capture Vietnam's rising wooden furniture export sector and growing construction activities via its leading natural stone business.