Published Date: 20/09/2024
- 8M24, gross margin was affected by the significant rise of 24K gold’s revenue, resulting in net profit rose only 3% yoy, recording VND1,281bn, which achieved 59% of our full year forecast.
- Net profit may rise 10%/16%/14% yoy in 2024F-26F thanks to the recovery of jewelry demand and PNJ’s potential for opening new stores.
- Reiterate ADD with the target price of VND114,300/share
