PNJ – Update – Risks are likely reflected
Posted: 10/06/2025
- In 1Q25, net profit (NP) reached VND 678 bn (-8% yoy), pressured by 24k gold sales and elevated selling expenses. This result was below expectations, fulfilling only 27% of our FY forecast.
- We revise down our NP forecasts for FY25-26F by 14%/15% due to tighter regulation on gold bullion and subdued jewelry demand. Post-revision, net profit is expected to grow 2%/13% yoy.
- Reiterate ADD with a target price of VND 99.900/share, as the stock is currently trading at an attractive valuation with significant upside potential.
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