External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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<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

<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><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 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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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>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><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>

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

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.

<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

<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

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 [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

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/Hold/TP: VND82,000) - Headwinds ahead

Flat amid pressure: Phu Nhuan Jewelry JSC (PNJ VN) faced challenges in 1Q23, when revenue decreased 3.8% YoY to VND9,753bn.

Mirae Asset 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

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