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

Mirae Asset Securities

External broker reports(aggregated public sources)

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

Equity Bottom-Up

<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.</li><li>PNJ is one of 38 jewelry companies that are allowed to trade 24k gold bars in Vietnam. </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>

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. 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 - Expanding System Amid Tightening Market

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

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<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.</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>

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.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>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><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>

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.

Phu Nhuan Jewelry Jsc (Hose: Pnj) - Despite Strong Growth, Potential Has Already Been Priced In

<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 401 stores throughout the country.</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>

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 401 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 - Gold Fever Supports Cashflows

<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

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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