- PTB announced its H1 2021 results, in which revenue advanced 18% YoY (Q2 2021: 20% YoY) and NPAT-MI jumped 55% YoY (Q2 2021: 45% YoY). This stellar performance was mainly driven by robust wood exports — especially those to the US. 

- H1 2021 stone PBT stayed flat as domestic sales (63% of H1 2021 stone revenue) fell 8% YoY in Q2 2021 after a 14% YoY rebound in Q1 2021 amid sluggish domestic construction activities. 

- Meanwhile, wood PBT rocketed 95% YoY backed by a 39% YoY surge in exports (85% of H1 2021 wood revenue) and a 2.5-ppt YoY expansion in PBT margin thanks to a better product mix. 

- H1 2021 results are broadly in line with our expectations. We see non-material changes to our current forecasts, pending a fuller review. We note that for 2021, we also project revenue and profit contributions from a real estate project in H2 2021.