Analyst Pin-board PNJ Q4-2020 AM Note: Thriving Retail Sales
We attended the PNJ Q4-2020 AM on Jan 25th,2021. Below are key takeaways:
- 2020 unaudited net profit was 5% higher than our full-year estimates, totaling VND1.1Tn (EPS: VND 4,700), mostly due to better-than-expected Q4-2020 profit.
- Upbeat jewelry retail channel sales in Q4-2020 (+22.8% YoY) was the main culprit behind the slight surprise in earnings.
- Though Q4-2020 GPM jumped nearly 1pps YoY and 1.4 pps QoQ to 20.2% as the channel sales mix changed, the quarterly net margin remained nearly unchanged at 7.3% due to large employee incentives expenses.
- Despite recent positive results in retail sales, managers still worry about uncertainty in jewelry demand in the short-term, pending clear guidance for 2021.
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