External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li style="text-align: justify;">We cut our target price (TP) for PNJ by 48% to VND46,500/share and downgrade our rating from BUY to MARKET PERFORM.</li><li style="text-align: justify;">Our lower TP reflects: (1) a 22% reduction in our aggregate 2026-31F NPAT-MI forecast (12%/30% cuts in 2026F/27F and an average 23% reduction over 2028-31F); (2) a lower terminal growth assumption of 3% (from 5%) to reflect a more moderate long-term growth trajectory; and (3) a 10% incident risk discount to our DCF-derived fair value, reflecting our current limited visibility on the earnings outlook.</li><li style="text-align: justify;">Following the diamond smuggling investigation involving the former Director of PNJ Laboratory Company Limited (P-Lab), we lower our aggregate 2026-31F retail sales forecast by 6% (10%/13% cuts in 2026F/27F and an average 5% reduction over 2028-31F), reflecting more cautious consumer sentiment toward diamond jewelry and loose diamonds. </li></ul><p><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></p>

We cut our target price (TP) for PNJ by 48% to VND46,500/share and downgrade our rating from BUY to MARKET PERFORM.Our lower TP reflects: (1) a 22% reduction in our aggregate 2026-31F NPAT-MI forecast (12%/30% cuts in 2026F/27F and an average 23% reduction over 2028-31F); (2) a lower terminal growth assumption of 3% (from 5%) to reflect a more moderate long-term growth trajectory; and (3) a 10% incident risk discount to our DCF-derived fair value, reflecting our current limited visibility on the earnings outlook.Following the diamond smuggling investigation involving the former Director of PNJ Laboratory Company Limited (P-Lab), we lower our aggregate 2026-31F retail sales forecast by 6% (10%/13% cuts in 2026F/27F and an average 5% reduction over 2028-31F), reflecting more cautious consumer sentiment toward diamond jewelry and loose diamonds. 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.

PNJ [MARKET PERFORM +4.1%] - Near-Term Earnings Headwinds Amid P-Lab Incident - Update

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

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>On Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with the revised basket taking effect on Nov 02, 2026.</li><li>Accordingly, Oct 30 will be the final trading day for ETFs tracking the index to complete their portfolio rebalancing.</li><li>In this review, KDH – previously placed on the watchlist for removal, due to its failure to satisfy the minimum foreign holding threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.</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>

On Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with the revised basket taking effect on Nov 02, 2026.Accordingly, Oct 30 will be the final trading day for ETFs tracking the index to complete their portfolio rebalancing.In this review, KDH – previously placed on the watchlist for removal, due to its failure to satisfy the minimum foreign holding threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.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>We raise our target price (TP) for PNJ by 18% to VND88,900/share and reiterate our BUY rating.</li><li>We remain constructive on PNJ’s long-term outlook, projecting a 2025-30F retail sales CAGR of 10% and NPAT-MI CAGR of 13%.</li><li>This is underpinned by (1) rising demand for fashion jewelry, driven by the ongoing shift from unbranded to branded jewelry and improving disposable income, (2) market share gain potential supported by industry formalization, and (3) PNJ’s strong competitive positioning.</li></ul><p><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></p>

We raise our target price (TP) for PNJ by 18% to VND88,900/share and reiterate our BUY rating.We remain constructive on PNJ’s long-term outlook, projecting a 2025-30F retail sales CAGR of 10% and NPAT-MI CAGR of 13%.This is underpinned by (1) rising demand for fashion jewelry, driven by the ongoing shift from unbranded to branded jewelry and improving disposable income, (2) market share gain potential supported by industry formalization, and (3) PNJ’s strong competitive positioning.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.

PNJ [BUY +31.5%] - Undemanding Valuation Amid Market Share Gain Potential

<ul><li>We raise our target price (TP) for PNJ by 7% to VND113,500/share and reiterate our BUY rating.</li><li>Our higher TP is driven by the positive impacts of rolling our TP horizon forward to end-2026 (from mid-2026 previously).</li><li>We keep our aggregate 2026-30F NPAT-MI forecast unchanged as a 9% higher average NPAT-MI in 2026–28F (mainly due to lower SG&amp;A/retail sales assumptions) offsets a 4% lower average NPAT-MI in 2027–31F (mainly due to lower retail GPM assumptions).</li></ul><p><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></p>

We raise our target price (TP) for PNJ by 7% to VND113,500/share and reiterate our BUY rating.Our higher TP is driven by the positive impacts of rolling our TP horizon forward to end-2026 (from mid-2026 previously).We keep our aggregate 2026-30F NPAT-MI forecast unchanged as a 9% higher average NPAT-MI in 2026–28F (mainly due to lower SG&amp;A/retail sales assumptions) offsets a 4% lower average NPAT-MI in 2027–31F (mainly due to lower retail GPM assumptions).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.

PNJ [BUY +32.0%] - Attractive Valuation Amid Bright Long-Term Outlook

<ul><li>The Ho Chi Minh Stock Exchange (HSX) has announced updated component securities for the VN30 and VNFin Lead Indices in the semi-annual review, as well as the updated weights for the VNDiamond Index, with the official effective date set for 03 August 2026.</li><li>Accordingly, ETFs tracking these indices are expected to carry out portfolio rebalancing, with the bulk of execution concentrated on July 31.</li><li>Across the four ETFs tracking the VN30 Index (E1VFVN30, FUEMAV30, FUEKIV30 and FUESSV30), selling pressure is concentrated in bank stocks, led by TPB (-5.7mn shares), followed by VIB, LPB and ACB. </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 Ho Chi Minh Stock Exchange (HSX) has announced updated component securities for the VN30 and VNFin Lead Indices in the semi-annual review, as well as the updated weights for the VNDiamond Index, with the official effective date set for 03 August 2026.Accordingly, ETFs tracking these indices are expected to carry out portfolio rebalancing, with the bulk of execution concentrated on July 31.Across the four ETFs tracking the VN30 Index (E1VFVN30, FUEMAV30, FUEKIV30 and FUESSV30), selling pressure is concentrated in bank stocks, led by TPB (-5.7mn shares), followed by VIB, LPB and ACB. 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.

Vietnam

Phu Nhuan Jewelry Joint Stock Company (PNJ) is a leading Vietnamese jewelry manufacturer and retailer specializing in gold, silver, gemstone jewelry, and fashion accessories. The company also offers diamond, gemstone, and precious metal appraisal services, and trades watches and gold bars. PNJ was established in 1988 and is headquartered in Ho Chi Minh City, Vietnam.

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Phu Nhuan Jewelry (PNJ VN)

PNJ [MARKET PERFORM +4.1%] - Near-Term Earnings Headwinds Amid P-Lab Incident - Update

Our lower TP reflects: (1) a 22% reduction in our aggregate 2026-31F NPAT-MI forecast (12%/30% cuts in 2026F/27F and an average 23% reduction over...

Vietcap

Forecast – HoSE Indexes review in 4Q26

On Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with...

Mirae Asset Securities

PNJ [BUY +32.0%] - Attractive Valuation Amid Bright Long-Term Outlook

We raise our target price (TP) for PNJ by 7% to VND113,500/share and reiterate our BUY rating.Our higher TP is driven by the positive impacts of...

Vietcap

ETFs Monitor in 3Q26

Accordingly, ETFs tracking these indices are expected to carry out portfolio rebalancing, with the bulk of execution concentrated on July 31.

Mirae Asset Securities

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PNJ [MARKET PERFORM +4.1%] - Near-Term Earnings Headwinds Amid P-Lab Incident - Update

Our lower TP reflects: (1) a 22% reduction in our aggregate 2026-31F NPAT-MI forecast (12%/30% cuts in 2026F/27F and an average 23% reduction over...

Vietcap

Forecast – HoSE Indexes review in 4Q26

On Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with...

Mirae Asset Securities

PNJ [BUY +31.5%] - Undemanding Valuation Amid Market Share Gain Potential

We raise our target price (TP) for PNJ by 18% to VND88,900/share and reiterate our BUY rating. We remain constructive on PNJ’s long-term outlook...

Vietcap

PNJ [BUY +32.0%] - Attractive Valuation Amid Bright Long-Term Outlook

We raise our target price (TP) for PNJ by 7% to VND113,500/share and reiterate our BUY rating.Our higher TP is driven by the positive impacts of...

Vietcap

ETFs Monitor in 3Q26

Accordingly, ETFs tracking these indices are expected to carry out portfolio rebalancing, with the bulk of execution concentrated on July 31.

Mirae Asset Securities