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 18% to VND88,900/share and reiterate our BUY rating.</li><li>We remain constructive on PNJ’s long-term outlook, projecting a 2025-30F retail sales CAGR of 10% and NPAT-MI CAGR of 13%.</li><li>This is underpinned by (1) rising demand for fashion jewelry, driven by the ongoing shift from unbranded to branded jewelry and improving disposable income, (2) market share gain potential supported by industry formalization, and (3) PNJ’s strong competitive positioning.</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 18% to VND88,900/share and reiterate our BUY rating.We remain constructive on PNJ’s long-term outlook, projecting a 2025-30F retail sales CAGR of 10% and NPAT-MI CAGR of 13%.This is underpinned by (1) rising demand for fashion jewelry, driven by the ongoing shift from unbranded to branded jewelry and improving disposable income, (2) market share gain potential supported by industry formalization, and (3) PNJ’s strong competitive positioning.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 [買い +31.5%] - 市場シェア拡大の可能性を秘めた割安なバリュエーション

Phu Nhuan Jewelry

PNJ [買い +31.5%] - 市場シェア拡大の可能性を秘めた割安なバリュエーション