Analyst Pinboard PNJ – Q3-2021 Business Results Update: Profit Bottomed Out in August
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· PNJ posted September results with retail sales picking up 61% from last month’s level as social distancing eased up, supporting the slight improvement in bottom line. · Product mix changes toward low-margin products and limited room for costs cutting have weighed on profit margins, but we expect profit margins will further recover in October following HCMC’s stores reopening. · Current forecasts and target price of VND 98,000 are under review. |
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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