PNJ- 1Q19: Enhanced product mix to drive up margins – Earnings Update
- Double-digit revenue growth mainly driven by gold jewellery segment.
- Expanding store footprint network bolstered retail business.
- Gross margin (GM) stretch to reach all-time high level of 22% thanks to better product mix.
- Maintain Add and TP of VND126,500.
|
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
|
VND99,300
|
VND126,500
|
1.8%
|
ADD
|
RETAIL
|
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