Analyst Pin-board PNJ Q3-2020 Results Track Our Forecast
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PNJ announced Q3-2020 with flat growth in revenue while NPAT slightly declined by -2.8% YoY. Although accumulated 9M-2020 revenue and NPAT have fulfilled 75% and 72% of our 2020 forecast respectively, these results were rather in line with our full-year estimate as Q4, besides Q1, is often a high season for the jewelry business. We are currently review 2020 forecast with revenue of VND15,470 (-9.0% YoY), net profit of VND896 (-24.7% YoY) together with 2021 forecast with revenue of VND18,547 (+19.9% YoY), net profit of VND1,115 (+24.4% YoY). Our current target price is VND73,000, equivalent to a 2020/21 P/E of 18.4x/14.8x, and is under review. |
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