- PTB released Q3 2022 business results as well as its guidance for Q4 2022. Q3 2022 core PBT increased 17% YoY from a low Q3 2021 base when PTB’s production and supply chains were disrupted by COVID-19. However, core PBT slumped 34% QoQ despite H2 being the usual high season, which is mainly due to weak results from the wooden furniture segment. 

- Wooden furniture revenue and gross profit slumped 33% and 45% QoQ, respectively. Amid the weakening US real estate market, customers also destocked after having overstocked earlier. As such, the effect on Vietnam’s wooden furniture exports was exacerbated in the short term.

- While stone sales rose QoQ, the segment’s gross profit declined 6% QoQ in Q3 2022. This segment is more exposed to the domestic market.

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