A director at Phunhuan Jewelry Jsc bought 4,000,000 shares at 0.000VND and the significance rating of the trade was 84/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...
In Oct-2023, PNJ posted revenue and net profit of VND3,007 bn (+33.6% MoM; +1.6% YoY) and VND193 bn (+108% MoM; +31% YoY), respectively. Although the Retail and Wholesales segments continued to decrease YoY, the declining growth rate is the lowest in the last 9 months. The gross margin improved, supported by higher contribution from the retail business. Based on the performance of PNJ’s gold bar segment in 10M2023, we predict that it will continue to be the growth driver for Q4 2023 sales as ...
In Aug-2023, PNJ recorded revenue and net profit of VND2,303 bn (-2.6% MoM; -1.1% YoY) and VND76 bn (-13.6% MoM; -3.8% YoY). Although the retail segment remained the largest contributor to total revenue, the gold bar presented the highest sales growth among business segments at VND704 bn (+3.9% MoM; +55% YoY). Profit decreased at a higher pace than revenue due to the higher contribution of gold bar to total revenue. We forecast Q3 2023 sales and net profit to be VND7,089 bn (+5.7% QoQ; -3.7% ...
· 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% ...
In Aug 2022, the company posted net revenue of VND 2,328 Bn (or USD 99 Mn, +14 times YoY) and NPAT of VND 79 Bn (or USD 3.4 Mn) compared to a loss of VND 79 Bn in Aug 2021. Accumulated 8M 2022, net revenue and NPAT at VND 23,049 Bn (or USD 1 Bn) and VND 1,246 Bn (or USD 53 Mn), soaring by 88% YoY and 99% YoY. For 2022, we forecast net revenue and NPAT to reach VND 32.0 trillion (or USD 1.3 Bn, +64% y/y) and VND 1.7 trillion (or USD 71 Mn, +67% y/y) respectively, 10.8% higher and 2.0% ...
We remain positive on Vietnam equities in the long term due to the following structural catalysts: better domestic demand, companies’ earnings prospect, economic activities and FDI inflows on the back of broader economic reopening and fiscal stimulus package disbursement. These factors will provide an efficient buffer against higher, albeit in control, inflation and external risks namely geopolitical uncertainties and slowing global growth. We also see upside potential from the perspective of...
Expanding market share, tailored marketing strategy, coupled with resilient purchasing power of targeted customer segmentation, help PNJ to keep posting record-high monthly retail sales post lockdown. Soaring gold prices meanwhile lend support to average selling prices, bolstering profit margins expansion. The company's private placement is likely to be completed in Q2 22, providing necessary capital of up to VND1.4tn for the company to intensively expand its store network and production capa...
The Russia-Ukraine war and US and European sanctions on Russia have raised concerns about the risk of a global supply chain disruption, especially since Russia and Ukraine are two major exporting countries in terms of metal products, fertilisers, agricultural products and oil and gas. This has pushed prices of commodities, which have been on a significant rally during the two years of the pandemic, once again back to its peak. Speculation on commodity prices has led to a rapid and strong incr...
· 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 net...
PNJ held its online Analyst Meeting yesterday sharing some key points in (1) post-lockdown overall market demand along with sales performance in October; and (2) its strategy to maintain profit margins and market leadership, including long-term store count target by 2025F, and the promotion of digital sales channel; and (3) private placement progress.
· 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.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
We attended the PNJ Q4 20 AM on 25 January. We present our key takeaways below: * 2020 unaudited net profit was 5% higher than our full-year estimates, totaling VND1.1tn (EPS: VND4,700), mostly due to better-than-expected Q4 20 profit. * Upbeat jewellery retail channel sales in Q4 20 (+22.8% yoy) was the main reason behind the slight surprise in earnings. * Though Q4 20 GPM jumped nearly 1ppt yoy and 1.4 ppts qoq to 20.2% as channel sales mix changed, quarterly net margin remained ...
Q3 20 – Expanding market share on the back of robust retail sales * Q3 20 revenue and NPAT-MI came in at VND3,922bn (-0.3% yoy) and VND202bn (-2.8% yoy), respectively, despite store closures following the second Covid wave in August, on the back of outperforming high-margin retail sales and lower SG&A. * Double-digit SSSG in July and September bolstered retail jewellery sales, compensating for an enormous drop of 41% in wholesales revenue in the quarter. This implies a growing market ...
Vietnam's stock market increased sharply in August and became one of the best markets in the world as the VNIndex increased by 10.4% m/m. Looking back on the last few sessions of August, we notice that liquidity was rising in the last part of the month. This was different from the sudden liquidity rises in June and July the when market corrected at that time. By contrast, we found out that when the liquidity and the market are in the same direction, the market trend usually is maintained in t...
Despite weakening consumer spending post-Covid19 lockdown, we believe PNJ will outperform others and gain more market share thanks to appropriate initiatives which includes focusing on marketing and launching new product mix. We praise PNJ’s effort in strengthening its retailing and production capabilities by relentlessly investing in digital transformation. PNJ should therefore retain its leading position in the Vietnam jewellery industry in the future, which has substantial potential to gro....
We maintain our cautious view on PNJ for 2020 as (1) pent-up demand dried up following an impressive recovery in May and (2) we expect consumer spending on jewellery to deteriorate in H2 20 due to the prolonged impact of Covid-19. Despite this gloomy short-term outlook, PNJ is heavily investing in digital transformation projects, human resources, production capability as well as store networks so as to prepare for the fuller recovery of demand and to cement its core competitive advantages, w...
In our 23-page strategy report, we look at investment ideas and highlight our favourite stocks. We also cover Vietnam and global macro as well as our July stock market outlook. In Q2 20, Vietnam’s GDP grew 0.24% yoy, better than consensus expectations as most industries recovered well after the “social distancing†period. Hence, we don’t expect companies’ results to be as bad as the consensus predictions. Despite that, there will be divergent results among sectors. Companies that have ...
Q1/20 – Negative earning’s growth amid the Covid-19 pandemic Revenue and NPAT reached VND 5,047 bn (+4.5% YoY) and VND 408 bn (-4.8% YoY), respectively. The Covid-19 pandemic began to impact PNJ right after the Lunar New Year holiday, thus damaging severely sales of God of Wealth Day, Valentine and Women day. In March, NPAT plummeted by 33% YoY mostly due to the weak performance of the retail segment. In the last week of March, PNJ gradually closed 85% of its stores, which are mostly located...
PNJ’s core business is taking a hit from Covid-19 as its main profit driver – retail jewellery – faces store shutdowns. In 2019 gold retail jewellery contributed nearly 90% of gross profit. Even after the pandemic ends, the negative impact on consumers’ disposal income will continue to affect jewellery sales. Despite that, we’re still bullish on PNJ’s prospect in the long term: the company is still the undisputed leader in Vietnam’s jewellery industry and the potential for consumer...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.