GTJAS_PNJ Equity Report_Accumulate_Upside 10%_Oct2024

Research Center

15/10/2024

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

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