PTB – Q2 2024 revenue recovery continues, PBT margin improves – Earnings Flash
  • 2024-07-18T00:00:00
  • Company Research
  • PTB announced its Q2 2024 results with revenue and PBT increasing 15%/27% QoQ and 13%/12% YoY, respectively. PTB has not yet disclosed its revenue and profit breakdown or provided commentary on these results.
  • In Q2 2024, the PBT margin improved to 8.3%, up from 7.6% in Q1 2024. We attribute this to an increase in core revenue from wooden furniture and stone, alongside a widening margin due to no further destocking as well as a gradual recovery in demand.
  • For H1 2024, revenue and PBT achieved 47% and 40% of our full-year 2024 forecasts, respectively. We anticipate insignificant changes to our forecast, pending a fuller review, as we maintain our expectation for continued recovery in H2 2024. This recovery is expected to be driven by (1) the restocking of wooden furniture by US retailers in the near term, further supported by lower US mortgage rates over the medium term, and (2) expanded quartz stone exports.
  • PTB has guided for Q3 2024 revenue and PBT to increase 31% and 23% YoY, respectively, from the low base of Q3 2023, which was impacted by the Noble House bankruptcy. However, this guidance translates into a 6% and 16% QoQ decline, respectively. We note that PTB has a track record of setting conservative targets.

PTB’s H1 2024 results

 

Q2 2023

Q1 2024

Q2 2024

YoY

H1 2023

H1 2024

YoY

H1 as % of 2024F

2024F

Revenue

1,474

1,437

1,660

13%

2,884

3,097

7%

47%

6,598

Wood

729

903

N/A

N/A

1,466

N/A

N/A

N/A

3,537

Stone

489

392

N/A

N/A

877

N/A

N/A

N/A

2,005

Real estate

11

11

N/A

N/A

32

N/A

N/A

N/A

90

Other*

246

131

N/A

N/A

508

N/A

N/A

N/A

964

Gross profit

327

303

N/A

N/A

612

N/A

N/A

N/A

1,509

Selling expenses

-111

-120

N/A

N/A

-227

N/A

N/A

N/A

-547

G&A expenses

-61

-61

N/A

N/A

-122

N/A

N/A

N/A

-275

Operating profit

155

122

N/A

N/A

263

N/A

N/A

N/A

687

Non-operating items

-406

-13

N/A

N/A

-856

N/A

N/A

N/A

-75

PBT

124

109

138

12%

201

248

24%

40%

612

NPAT-MI

107

90

N/A 

N/A

169

N/A

N/A

N/A

481

GPM

22.2%

21.1%

N/A

 

21.2%

N/A

 

 

22.9%

OPM

10.5%

8.5%

N/A

 

9.1%

N/A

 

 

10.4%

EBITDA margin

13.9%

12.7%

N/A

 

13.1%

N/A

 

 

14.0%

NPAT-MI margin

7.2%

6.3%

N/A

 

5.9%

N/A

 

 

7.3%

Source: PTB, Vietcap

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