{"id":27114,"date":"2024-10-15T16:43:57","date_gmt":"2024-10-15T09:43:57","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&#038;p=27114"},"modified":"2024-10-15T16:43:57","modified_gmt":"2024-10-15T09:43:57","slug":"gtjas_pnj-equity-report_accumulate_upside-10_oct2024","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/gtjas_pnj-equity-report_accumulate_upside-10_oct2024\/","title":{"rendered":"GTJAS_PNJ Equity Report_Accumulate_Upside 10%_Oct2024"},"content":{"rendered":"<table>\n<tbody>\n<tr>\n<td>\n<p><strong>INVESTMENT THESIS<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>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<\/p>\n<p>2\/ \u00a0PNJ is a renowned and long-established jewelry brand with the leading market coverage in Vietnam<\/p>\n<p>3\/ The business results of key sectors: retail and wholesale are both promising<\/p>\n<p>4\/ Abundant cash flow with record-low debt levels<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p><strong>RECOMMENDATION<\/strong><\/p>\n<p>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\u00a0 &#8220;Accumulate&#8221; for PNJ, with a target price of 105,000 VND per share over the next 6-18 months, representing a 10% upside.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>RISKS: <\/strong>1\/ Consumption demand is lower than expected; 2\/ The pace of store expansion is slower than anticipated; 3\/ Gold supply remains constrained<\/p>\n","protected":false},"author":12,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-27114","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJAS_PNJ Equity Report_Accumulate_Upside 10%_Oct2024 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtht.com.vn\/en\/research\/gtjas_pnj-equity-report_accumulate_upside-10_oct2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJAS_PNJ Equity Report_Accumulate_Upside 10%_Oct2024 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"INVESTMENT THESIS 1\/ Business outlook remains positive as the jewelry retail market enters its peak season. 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