External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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<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