External broker reports(aggregated public sources), Vietcap

Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<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

Phu Nhuan Jewelry

PNJ [BUY +32.0%] - Attractive Valuation Amid Bright Long-Term Outlook