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PNJ – 1H19 overview: losing some shine – Update

Company Note 01/08/2019    124

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  • Lower-than-expected 1H results. PNJ suffered from more than just temporary operational issues.
  • Slower-than-expected store expansion amid cannibalisation effect. 1H19 gross profit margin remained high at 21.8%.
  • Maintain ADD but lower TP to VND88,000.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND76,800

VND88,000

2.6%

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