15/10/2024
Share:
|
INVESTMENT THESIS |
1/ Business outlook remains positive as the jewelry retail market enters its peak season. The industry outlook is optimistic, with an expected growth rate of 5.9% in 2024
2/ PNJ is a renowned and long-established jewelry brand with the leading market coverage in Vietnam
3/ The business results of key sectors: retail and wholesale are both promising
4/ Abundant cash flow with record-low debt levels
|
RECOMMENDATION In fluctuating economic conditions impacting the jewelry market and PNJ in particular, the company expects positive revenue growth of 23% yoy in 2024 and 15% yoy in 2025. We recommend “Accumulate” for PNJ, with a target price of 105,000 VND per share over the next 6-18 months, representing a 10% upside. |
RISKS: 1/ Consumption demand is lower than expected; 2/ The pace of store expansion is slower than anticipated; 3/ Gold supply remains constrained
13/08/2025
Vietnam’s automobile market maintains its growth momentum thanks to: The rising proportion of the middle class in Vietnam and the increasing trend of...
08/08/2025
KEY HIGHLIGHTS Saigon VRG Investment Corporation (SIP) announced its Q2/2025 business results, with revenue reaching nearly VND 2,130 billion (+10% YoY...
08/08/2025
VPB 1H 2025 BUSINESS RESULTS UPDATE UPDATE ON BUSINESS OPERATIONS In Q2 2025, VPBank delivered robust results, with 1H pre‐tax profit of VND 11,229 billion—a...
