External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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<ul><li>We maintain our target price (TP) for PNJ at VND105,900/share and reiterate our BUY rating.</li><li>We maintain our projection for retail sales to grow at an 11% CAGR in 2024-29F, corresponding to a 14% EPS CAGR in this period.</li><li>Our optimism on PNJ’s long-term outlook is underpinned by (1) rising fashion jewelry demand and the ongoing shift from unbranded to branded jewelry, along with the recovery of the middle-income and affluent classes, (2) limited industry competition risk, and (3) PNJ’s strong competitive advantages.</li></ul>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.

We maintain our target price (TP) for PNJ at VND105,900/share and reiterate our BUY rating.We maintain our projection for retail sales to grow at an 11% CAGR in 2024-29F, corresponding to a 14% EPS CAGR in this period.Our optimism on PNJ’s long-term outlook is underpinned by (1) rising fashion jewelry demand and the ongoing shift from unbranded to branded jewelry, along with the recovery of the middle-income and affluent classes, (2) limited industry competition risk, and (3) PNJ’s strong competitive advantages.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 (PNJ) - Retail Sales Rebound to Drive Earnings Growth from 2026F

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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<ul><li>In Q1-FY25, PNJ recorded modest business results compared to the same period last year, with net revenue reaching VND 9,635.1 billion (-23.5% YoY, +12.3% QoQ).</li><li>The decline was primarily due to the continued tightening of input gold supply, with the bullion segment focusing mainly on purchases while limiting sales activities, resulting in 24K gold trading revenue of VND 1,760 billion (-65.8% YoY).</li><li>Meanwhile, the retail and wholesale jewelry segments remained in bright spots, with net revenue reaching VND 6,731.4 billion (+6.1% YoY, +13.1% QoQ) and VND 1,167.2 billion (+22.8% YoY, +13.1% QoQ), respectively, supported by seasonal demand for jewelry during Q1.</li></ul>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.

In Q1-FY25, PNJ recorded modest business results compared to the same period last year, with net revenue reaching VND 9,635.1 billion (-23.5% YoY, +12.3% QoQ).The decline was primarily due to the continued tightening of input gold supply, with the bullion segment focusing mainly on purchases while limiting sales activities, resulting in 24K gold trading revenue of VND 1,760 billion (-65.8% YoY).Meanwhile, the retail and wholesale jewelry segments remained in bright spots, with net revenue reaching VND 6,731.4 billion (+6.1% YoY, +13.1% QoQ) and VND 1,167.2 billion (+22.8% YoY, +13.1% QoQ), respectively, supported by seasonal demand for jewelry during Q1.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 - Maintains a Conservative Earnings Outlook Amid Dual Headwinds

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

<ul><li>Phu Nhuan Jewelry JSC (PNJ VN) is the dominant jewelry company in Vietnam, with the largest distribution system and many well-known trademarks.</li><li>The company has a wide range of products, including gold, silver, and platinum jewelry. PNJ is one of 38 jewelry companies that are allowed to trade 24k gold bars in Vietnam.</li><li>The retail channel is the backbone of PNJ’s distribution system of 429 stores throughout the country.</li></ul><div class="content-highlight">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.</div>

Phu Nhuan Jewelry JSC (PNJ VN) is the dominant jewelry company in Vietnam, with the largest distribution system and many well-known trademarks.The company has a wide range of products, including gold, silver, and platinum jewelry. PNJ is one of 38 jewelry companies that are allowed to trade 24k gold bars in Vietnam.The retail channel is the backbone of PNJ’s distribution system of 429 stores throughout the country.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) - Profit Margin to Widen

<ul><li>Using the discounted cash flow method, we issue the long-term fair value of PNJ stock at VND 92,100, with 2024F P/E of 14.9x.</li><li>Combined with a cash dividend of VND 2,000/share, the total expected return is -7.0%, indicating that the current stock price has fully reflected the company's long-term prospects.</li><li>However, the market may be trading the stock with higher expectations and a greater tolerance for risk. Investors can consider PNJ stock for 2025 with forward P/E at 13.4x.</li></ul>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.

Using the discounted cash flow method, we issue the long-term fair value of PNJ stock at VND 92,100, with 2024F P/E of 14.9x.Combined with a cash dividend of VND 2,000/share, the total expected return is -7.0%, indicating that the current stock price has fully reflected the company's long-term prospects.However, the market may be trading the stock with higher expectations and a greater tolerance for risk. Investors can consider PNJ stock for 2025 with forward P/E at 13.4x.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 - Despite Strong Growth, Potential Has Already Been Priced In

<ul><li>We cut our target price (TP) for PNJ by 2% to VND113,500/share but reiterate our BUY rating.</li><li>Our lower TP is driven by our 6% lower aggregate 2024-2029F NPAT-MI forecast (respective cuts of 6%/13%/10%/8%/1%/2% for 2024/25/26/27/28/29F), which is partly offset by the positive impact of rolling our TP horizon forward to end-2025.</li><li>Our lower aggregate earnings projection is caused by lowering our 2024-2029F retail GPM assumptions as we expect a gradual resumption of activities in the gold market to alleviate challenges in sourcing raw gold materials.</li></ul>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.

We cut our target price (TP) for PNJ by 2% to VND113,500/share but reiterate our BUY rating.Our lower TP is driven by our 6% lower aggregate 2024-2029F NPAT-MI forecast (respective cuts of 6%/13%/10%/8%/1%/2% for 2024/25/26/27/28/29F), which is partly offset by the positive impact of rolling our TP horizon forward to end-2025.Our lower aggregate earnings projection is caused by lowering our 2024-2029F retail GPM assumptions as we expect a gradual resumption of activities in the gold market to alleviate challenges in sourcing raw gold materials.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 +20.1%] - Strong Retail Sales, Higher Retail GPM to Drive Growth - Update

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)

Phu Nhuan Jewelry (PNJ) - Retail Sales Rebound to Drive Earnings Growth from 2026F

We maintain our projection for retail sales to grow at an 11% CAGR in 2024-29F, corresponding to a 14% EPS CAGR in this period.

Vietcap

PNJ - Maintains a Conservative Earnings Outlook Amid Dual Headwinds

In Q1-FY25, PNJ recorded modest business results compared to the same period last year, with net revenue reaching VND 9,635.1 billion (-23.5% YoY,...

Rong Viet Securities

Phu Nhuan Jewelry JSC (PNJ VN) - Profit Margin to Widen

Phu Nhuan Jewelry JSC (PNJ VN) is the dominant jewelry company in Vietnam, with the largest distribution system and many well-known trademarks.

Mirae Asset Securities

PNJ - Despite Strong Growth, Potential Has Already Been Priced In

Using the discounted cash flow method, we issue the long-term fair value of PNJ stock at VND 92,100, with 2024F P/E of 14.9x.

Rong Viet Securities

PNJ [BUY +20.1%] - Strong Retail Sales, Higher Retail GPM to Drive Growth - Update

We cut our target price (TP) for PNJ by 2% to VND113,500/share but reiterate our BUY rating. Our lower TP is driven by our 6% lower aggregate 2024...

Vietcap

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