External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Flat amid pressure: Phu Nhuan Jewelry JSC (PNJ VN) faced challenges in 1Q23, when revenue decreased 3.8% YoY to VND9,753bn.</li><li>Of this, the retail channel brought in about VND5,627.5bn (-0.6% YoY), while wholesales and 24K gold revenue reached VND877.8 (-19.2% YoY) and VND3,082bn (-3.1% YoY), respectively.</li><li>1Q23. Gross profit reached VND1,891bn (+7.4% YoY), and gross margin improved to 19.4% in 1Q23 (from 17.4% in 2022), due to product structure changes. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Flat amid pressure: Phu Nhuan Jewelry JSC (PNJ VN) faced challenges in 1Q23, when revenue decreased 3.8% YoY to VND9,753bn.Of this, the retail channel brought in about VND5,627.5bn (-0.6% YoY), while wholesales and 24K gold revenue reached VND877.8 (-19.2% YoY) and VND3,082bn (-3.1% YoY), respectively.1Q23. Gross profit reached VND1,891bn (+7.4% YoY), and gross margin improved to 19.4% in 1Q23 (from 17.4% in 2022), due to product structure changes. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Phu Nhuan Jewelry JSC (PNJ VN/Hold/TP: VND82,000) - Headwinds ahead

Thematic (Sector/Industry)

<ul><li>Recently, HSX announced updated component securities (including change in component stocks and calculation factors) in the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets.</li><li>In detail, these changes will affect the component weighting in specific baskets.</li><li>Therefore, ETFs that are replicating the respective index will also have similar structural changes in their basket of component securities on the rebalancing date. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Recently, HSX announced updated component securities (including change in component stocks and calculation factors) in the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets.In detail, these changes will affect the component weighting in specific baskets.Therefore, ETFs that are replicating the respective index will also have similar structural changes in their basket of component securities on the rebalancing date. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The HSX recently announced updates to the component securities (including changes in component stocks and calculation factors) in the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, these changes will affect component weighting in specific baskets.</li><li>Thus, ETFs that replicate the respective indexes will also undergo similar structural changes in their baskets of component securities on the rebalancing date.</li><li>For the VN30 Index and VNDiamond Index, there are no changes in any component stocks, only changes in their calculation factors. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

The HSX recently announced updates to the component securities (including changes in component stocks and calculation factors) in the VN30 Index, VNDiamond Index, and VNFin Lead Index baskets. In detail, these changes will affect component weighting in specific baskets.Thus, ETFs that replicate the respective indexes will also undergo similar structural changes in their baskets of component securities on the rebalancing date.For the VN30 Index and VNDiamond Index, there are no changes in any component stocks, only changes in their calculation factors. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>As a member of the Vietnam National Oil and Gas Group, PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.</li><li>The company was listed on HOSE in May 2012.</li><li>PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

As a member of the Vietnam National Oil and Gas Group, PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing, storing, and selling gas and gas products.The company was listed on HOSE in May 2012.PVGAS is the main supplier of dry gas to Vietnam's power facilities and fertilizer factories.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stock Recommendations (Vietnam Market) - June 2023

<ul><li>Strong YoY recovery in 2022 from FY2021’s low base: PNJ recorded revenue of VND33,876bn (+73.3% YoY) and after-tax profit of VND1,807bn (+75.6% YoY), equivalentto 131% and 137%, respectively,of its yearly targets.</li><li>The strong performance was thanks to the post-Covid recovery of the retail market from a low base, PNJ’s effective marketing, and investment demand for gold amid inflationary pressure and geopolitical uncertainties.</li><li>Revenue from the retail segment reached VND20,732bn (+79.7% YoY, accounting for 61.2% of PNJ’s revenue), revenue from 24K gold recorded VND8,571bn (+74.6% YoY, accounting for 25.3%), and wholesales brought in VND4,065bn (+56.1% YoY, accounting for 12%).</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Strong YoY recovery in 2022 from FY2021’s low base: PNJ recorded revenue of VND33,876bn (+73.3% YoY) and after-tax profit of VND1,807bn (+75.6% YoY), equivalentto 131% and 137%, respectively,of its yearly targets.The strong performance was thanks to the post-Covid recovery of the retail market from a low base, PNJ’s effective marketing, and investment demand for gold amid inflationary pressure and geopolitical uncertainties.Revenue from the retail segment reached VND20,732bn (+79.7% YoY, accounting for 61.2% of PNJ’s revenue), revenue from 24K gold recorded VND8,571bn (+74.6% YoY, accounting for 25.3%), and wholesales brought in VND4,065bn (+56.1% YoY, accounting for 12%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Phu Nhuan Jewelry JSC (PNJ VN/Trading Buy)_Update report

Vietnam

Phu Nhuan Jewelry JSC manufactures jewelry.  The Company retails through its own shops and also sells to wholesalers.

Phu Nhuan Jewelry (PNJ VN)

Phu Nhuan Jewelry JSC (PNJ VN/Hold/TP: VND82,000) - Headwinds ahead

Flat amid pressure: Phu Nhuan Jewelry JSC (PNJ VN) faced challenges in 1Q23, when revenue decreased 3.8% YoY to VND9,753bn.

Mirae Asset Securities

ETFs Monitor in 2Q24

Recently, HSX announced updated component securities (including change in component stocks and calculation factors) in the VN30 Index, VNDiamond...

Mirae Asset Securities

ETFs Monitor in 1Q24

he HSX recently announced updates to the component securities (including changes in component stocks and calculation factors) in the VN30 Index

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - June 2023

As a member of the Vietnam National Oil and Gas Group, PV Gas Company was founded in 1990, with the mission of extracting, shipping, processing,...

Mirae Asset Securities

Phu Nhuan Jewelry JSC (PNJ VN/Trading Buy)_Update report

PNJ recorded revenue of VND33,876bn (+73.3% YoY) and after-tax profit of VND1,807bn (+75.6% YoY), equivalentto 131% and 137%, respectively,of its...

Mirae Asset Securities