- PTB announced preliminary Q3 2023 results, in which revenue and PBT dropped 19% and 24% QoQ, respectively. PTB has not yet disclosed its revenue and profit breakdown. Meanwhile, we had expected revenue and earnings for Q3 2023 to be similar to those of Q2 2023.

- In our view, this could be partly attributed to PTB no longer selling to Noble House Home Furniture LLC. This US customer has been delaying payment and recently filed for Chapter 11 bankruptcy.

- Per Noble House, it owes PTB USD3mn (VND70bn). Per PTB, it has not booked provision for this receivable as PTB is waiting for the court’s decision in November this year. 

Powered by Froala Editor