Viet Dragon Securities - Phu Nhuan Jewelry JSC (PNJ) PNJ - January 2023 results – Resilient in the face of challenges

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Viet Dragon Securities

Loan Nguyen

PNJ - January 2023 results – Resilient in the face of challenges

· In 2022, net revenue and NPAT at VND 33,876 Bn (or USD 1.4 Bn, +73% YoY) and VND 1,807 Bn (or USD 76 Mn, +76% YoY). In January 2023, the company recorded net revenue of VND 4,129 Bn (or USD 174 Mn, +19% YoY) and NPAT of VND 302 Bn (or USD 13 Mn, +12% YoY), partly supported by the Lunar New Year coming earlier than usual, helping to increase gold bar consumption, while retail sales were flat YoY.

· We forecast that PNJ will achieve VND 36 Tn (+6% YoY) and VND 2 Tr (+8% YoY) in revenue and NPAT, respectively, in FY2023. The corresponding 2023 EPS will be VND5,942.

· Since 2022 earnings are close to our forecast and the 2023 outlook remains unchanged, we maintain our target price of VND96,000 (adjusted by stock dividend), implying an upside of 22% on the closing price of March 06^th, 2023.

07/03/2023 7 EN

Underlying

Phu Nhuan Jewelry JSC

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.

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VN000000PNJ6 Hochiminh Stock Exchange Vietnam

Provider

Viet Dragon Securities

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.

RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”

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Analysts

Loan Nguyen

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PNJ - January 2023 results – Resilient in the face of challenges

Phunhuan Jewelry Jsc: 1 director

PNJ – Demand for gold bar is expected to drive positive sales growth in Q4 2023

PNJ - Net margin is expected to recover from Sept-2023

AWAITING THE BREAKOUT

Vietnam chilled-fresh meat market – Significant long-term potential but difficult to realize in

The decline has not come to a halt

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