Analyst Pin-board PNJ – Cemented Market Leadership to Underpin Record High Retail Sales
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· Expanding market share, tailored marketing strategy, coupled with resilient purchasing power of targeted customer segmentation, help PNJ keep posting record high monthly retail sales post lockdown. · Soaring gold prices lend support to average selling prices, bolstering profit margins expansion. · The private placement is likely to be completed in Q2-2022, providing necessary capital of up to VND 1.4 trillion for the company to intensively expand its store network and production capacity in 2022-23. · On the back of solidified market leadership position and potential margin expansion, we revise our forecasts upward, resulting in respective projected net sales and NPAT of VND23,044 bn (+18% YoY) and VND1,394 (+35% YoY), equivalent to 2022F diluted EPS of VND5,745. Consequently, updated TP comes at VND118,500, implying a 2022F P/E of 20.6x. We reiterate ACCUMULATE recommendation on PNJ. |
Phu Nhuan Jewelry Joint Stock Company is a Vietnam-based company engaged in the jewelry sector. It manufactures and markets jewelry pieces, stamped gold bars, and jewelry products made of gold and silver. It also trades gemstones and precious metals as materials for jewelry manufacturing. The Company operates jewelry stores under various brand names, such as PNJ Gold, PNJ Silver, CAO Fine Jewelry, and is involved in wholesale trade of stamped gold bars branded Phuong Hoang PNJ - DongA Bank. In addition, the Company provides jewelry evaluation and testing services. It is engaged in the trading of liquefied petroleum gas (LPG), real estate operations and seafood processing through its subsidiaries and affiliates.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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