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

Rong Viet Securities

External broker reports(aggregated public sources)

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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>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

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

Mirae Asset Securities

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.

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

<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

<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 JSC manufactures jewelry.  The Company retails through its own shops and also sells to wholesalers.

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Phu Nhuan Jewelry (PNJ VN)

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

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

Phu Nhuan Jewelry JSC - Expanding System Amid Tightening Market

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

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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