- PTB announced preliminary Q2 2023 results that are in line with our expectation. Revenue and PBT dropped 18% and 36%, respectively. However, Q2 2023 PBT jumped 62% QoQ thanks to restocking and seasonality. PTB has not yet disclosed a revenue and profit breakdown.

- H1 2023 revenue and PBT completed 43% and 39% of our respective full-year forecasts. We see no potential changes to our forecasts, pending a fuller review.

- PTB guides for Q2 2023 revenue and PBT to drop 13% and 27% YoY, respectively. These targets are close to Q2 2023’s targets, which the company surpassed. In our view, PTB has set conservative targets. As new home sales in the US have partially recovered, we expect a gradual recovery in furniture demand, which would in turn bolster PTB’s exports.

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