Analyst Pin-board PNJ Q1-2021 Results: Riding on the recovering jewelry consumption demand
- Q1 2021 net sales reached 2Tn (+44% YoY) while NPAT jumped to VND513Bn (+26% YoY).
- Retail sales and NPAT in March 2021, in particular, posted robust growth of 91% YoY and 99% YoY, respectively, mainly due to the low base in the same period last year when PNJ’s operations were hit by the pandemic.
- Q1-2021 GPM and net profit margin contracted by -2.5pps YoY and -1.0 pps YoY, respectively, to 18.4% and 7.1% as product mix changed with higher gold bar sales’ contribution and higher marketing and promotion expenses.
- PNJ’s sales and NPAT has respectively completed 34% and 42% of 2021 guidance, tracking ahead of our expectation. We are reviewing current forecasts and the current TP of VND 100,000 for upside potential.
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