Analyst Pin-board PNJ 2M-2021 Results: Solid retail and gold bar sales led the growth
- Revenue jumped by +37.4% YoY to VND5.0Tn, primarily driven by significant gold bar sales of VND1.6Tn (+94% YoY) while retail sales hit VND2.6Tn (+15.9% YoY).
- Feb-2021 Retail sales growth accelerated to 21.5% YoY from 10.0% YoY in the previous month partly owing to surging promotion activities.
- Given the larger contribution of gold bar sales and higher marketing spending, GPM and net profit margin contracted by -3.8 pps and -1.8 pps, respectively, to 18.4% and 7.6%.
- 2M-2021 net sales/NPAT have completed 26%/30% of our full-year forecast. Pending a review on the current TP of VND 94,000, implying a total stock return of 14% consisting of a 2% dividend yield, as of Mar 24th, 2021.
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