External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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Equity Bottom-Up

<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

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>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.

<ul><li>In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.</li><li>In the past, the restriction stemmed from VIB actively lowering its foreign room to 5% (from 21%) after its strategic shareholder’s divestment, with plans to reopen it upon onboarding new strategic foreign investors.</li><li>Until now, VIB has not provided any official disclosure on whether this restriction will be eased in the near term. </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>

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.In the past, the restriction stemmed from VIB actively lowering its foreign room to 5% (from 21%) after its strategic shareholder’s divestment, with plans to reopen it upon onboarding new strategic foreign investors.Until now, VIB has not provided any official disclosure on whether this restriction will be eased in the near term. 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>On October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond Index baskets with these adjustments, effective from November 4, 2024.</li><li>Consequently, November 1, 2024 will be the last trading day for ETFs, following the VN-Diamond Index’s rebalancing of their portfolios</li><li>HSX has approved Decision No. 502/QD-SGDHCM, which replaces version 2.1 with version 3.0 of the "Vietnam Diamond Index" construction and management rules, effective from the October 2024 review period.</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 October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond Index baskets with these adjustments, effective from November 4, 2024.Consequently, November 1, 2024 will be the last trading day for ETFs, following the VN-Diamond Index’s rebalancing of their portfoliosHSX has approved Decision No. 502/QD-SGDHCM, which replaces version 2.1 with version 3.0 of the "Vietnam Diamond Index" construction and management rules, effective from the October 2024 review period.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.

Forecast VNDiamond Index Review in 4Q24 - Sep 26, 2024

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 [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

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

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In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7)

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Forecast VNDiamond Index Review in 4Q24 - Sep 26, 2024

On October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond...

Mirae Asset Securities

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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

Forecast – HoSE Indexes Review in 4Q25

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7)

Mirae Asset Securities

Forecast VNDiamond Index Review in 4Q24 - Sep 26, 2024

On October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond...

Mirae Asset Securities