PNJ – Despite exceeding 50% of the year target, greater efforts needed in the context of slow recovery in purchasing power
• Short-term purchasing power is still going as forecast: Weak in 1H2025 and may extend to Q3/2025 for the luxury and non-essential sector. The key impact factor is the gold price, which is continuously rising higher than expected, causing the demand to buy gold to increase along with the perspective of "accumulating and waiting".• Vietnam has not yet reached the consumption threshold for jewelry, as reflected by several factors: jewelry consumption/capita remains low (around 0.13 grams/person) compared to the region (China, India, and Singapore, etc.). The expected expansion of the middle and upper classes is anticipated to drive stronger demand for this category.
• In the headwind of input and output challenges, PNJ has completed >50% of the revenue and profit target of FY25 in H1 thanks to flexible adaptation. However, this figure is relatively low compared to the same period (60 – 70% of year target at this time as Q1 is usually the highest-performing quarter). The company maintains the revenue/profit target of VND 31,307 bn and VND 1,960 bn, respectively, but will need to make more effort in H2 to achieve.
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.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.