External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li style="text-align: justify;">We cut our target price (TP) for PNJ by 48% to VND46,500/share and downgrade our rating from BUY to MARKET PERFORM.</li><li style="text-align: justify;">Our lower TP reflects: (1) a 22% reduction in our aggregate 2026-31F NPAT-MI forecast (12%/30% cuts in 2026F/27F and an average 23% reduction over 2028-31F); (2) a lower terminal growth assumption of 3% (from 5%) to reflect a more moderate long-term growth trajectory; and (3) a 10% incident risk discount to our DCF-derived fair value, reflecting our current limited visibility on the earnings outlook.</li><li style="text-align: justify;">Following the diamond smuggling investigation involving the former Director of PNJ Laboratory Company Limited (P-Lab), we lower our aggregate 2026-31F retail sales forecast by 6% (10%/13% cuts in 2026F/27F and an average 5% reduction over 2028-31F), reflecting more cautious consumer sentiment toward diamond jewelry and loose diamonds. </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 48% to VND46,500/share and downgrade our rating from BUY to MARKET PERFORM.Our lower TP reflects: (1) a 22% reduction in our aggregate 2026-31F NPAT-MI forecast (12%/30% cuts in 2026F/27F and an average 23% reduction over 2028-31F); (2) a lower terminal growth assumption of 3% (from 5%) to reflect a more moderate long-term growth trajectory; and (3) a 10% incident risk discount to our DCF-derived fair value, reflecting our current limited visibility on the earnings outlook.Following the diamond smuggling investigation involving the former Director of PNJ Laboratory Company Limited (P-Lab), we lower our aggregate 2026-31F retail sales forecast by 6% (10%/13% cuts in 2026F/27F and an average 5% reduction over 2028-31F), reflecting more cautious consumer sentiment toward diamond jewelry and loose diamonds. 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 [MARKET PERFORM +4.1%] - Near-Term Earnings Headwinds Amid P-Lab Incident - Update

Phu Nhuan Jewelry

PNJ [MARKET PERFORM +4.1%] - Near-Term Earnings Headwinds Amid P-Lab Incident - Update