PNJ released its Q3 2020 financial statements with net revenue reaching VND3.9tn (USD168mn; flat YoY) while NPAT amounted to VND202bn (USD9mn; -3% YoY). For 9M 2020, net revenue reached VND11.7tn (USD501mn; flat YoY) while NPAT amounted to VND642bn (USD28mn;-20% YoY), representing 68% and 64% of our respective full-year forecasts. We also attended PNJ’s analyst meeting today. Our key takeaways from the meeting reinforced our view that PNJ will deliver a strong earnings recovery post-2020