- Q4 2022 NPAT and core NPAT (excluding real estate) both slumped ~40% YoY. Full-year 2022 core NPAT declined 6% YoY and completed 99% of our forecast. We see potential upside to our forecasts thanks to a brighter outlook for the stone segment, pending a fuller review.

- Q4 2022 wooden furniture revenue and gross profit slumped 13% YoY and 27% YoY, respectively, due to weak home furnishing demand in developed markets and destocking across the supply chain.

- Meanwhile, Q4 2022 stone gross profit beat our expectation and rose 16% YoY as revenue jumped, which was partly offset by lower GPM.

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