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
31/07/2025
GTJASVN_ACB Equity Report_Business Results Update_Accumulate Recommendation_25.500VND_29.7.2025 UPDATE ON BUSINESS OPERATIONS Credit increased 9.1% YTD,...
21/07/2025
https://gtjai.com.vn/wp-content/uploads/2025/07/EN-GTJASVN_Flash-Note_Circular-142025-on-CAR_21.7.2025.pdf Circular 14/2025/TT-NHNN Marks a Strategic Step...
16/07/2025
GTJASVN_TCBS Equity Report – Pre-IPO Update (EN) The upcoming TCBS IPO, slated for late 2025 to early 2026, has attracted strong investor interest...
