PNJ – monitor to capture opportunities
• In 2024, PNJ recorded net revenue of VND 37,823 bn (USD 1,501 mn), up 14.1% year-over-year, and net profit of VND 2,115 bn (USD 84 mn), rising 7.3% year-over-year. The jewelry retail and wholesale segments continued to post solid growth as consumer demand gradually returned and PNJ expanded its market share. Demand for 24K gold surged in the first half of the year due to rising gold prices but declined in the latter half as tighter regulatory measures on gold trading led to supply shortages. This supply constraint also impacted PNJ’s retail jewelry gross margin, which declined by an estimated 1.2 ppts year-over-year due to higher raw material costs.• In March 2025, PNJ officially launched Mancode by PNJ, a jewelry brand targeting male consumers, along with a new store concept specializing in diamond jewelry—Diamond Lounge.
• Since the beginning of the year, gold prices have been on an upward trajectory, repeatedly breaking previous records. Despite record-high prices for gold rings and gold bars, consumer demand has remained robust, with buying activity outpacing selling, as reported by various media sources.
• For PNJ, inventory levels of raw materials have remained stable from early 2023 through the end of 2024. Under our base-case scenario, we expect PNJ’s retail jewelry business to be unaffected by the gold supply shortage.
• The target price for PNJ stock is VND 96,000 per share, implying an 9.3% upside potential from the market price as of 18/03/2025.
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