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>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"><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 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

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

Rong Viet Securities

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Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

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.

<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.

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

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Market Vectors Vietnam ETF / Equity Bottom-Up

<ul>
<li>In this Postcard Edition, we detour and go international—to the streets, shops, and supermarkets of Vietnam. Choosing Vietnam as a country to explore and begin building our Asian Coverage.</li>
<li>Despite strong manufacturing fundamentals, capital markets remain narrow, with limited institutional participation and underrepresentation of export-led sectors.</li>
<li>Vietnam is on our watchlist for its evolving opportunity set, and we will continue tracking IPO activity, MSCI inclusion efforts, and policy reforms.</li>
</ul>


In this Postcard Edition, we detour and go international—to the streets, shops, and supermarkets of Vietnam. Choosing Vietnam as a country to explore and begin building our Asian Coverage.
Despite strong manufacturing fundamentals, capital markets remain narrow, with limited institutional participation and underrepresentation of export-led sectors.
Vietnam is on our watchlist for its evolving opportunity set, and we will continue tracking IPO activity, MSCI inclusion efforts, and policy reforms.


Postcard from Hanoi | Xin Chào Việt Nam

Thematic (Sector/Industry)

<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.

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li><p style="text-align: justify;">We cut our target price (TP) for PNJ by 2% to VND113,500/share but reiterate our BUY rating.</p></li><li><p style="text-align: justify;">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.</p></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><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 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 JSC manufactures jewelry.  The Company retails through its own shops and also sells to wholesalers.

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Phu Nhuan Jewelry (PNJ VN)

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

Postcard from Hanoi | Xin Chào Việt Nam

Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....

Pranav Bhavsar

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

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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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

Postcard from Hanoi | Xin Chào Việt Nam

​Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....

Pranav Bhavsar

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

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

Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....