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PNJ- 1Q19: Enhanced product mix to drive up margins – Earnings Update

Company Note 26/04/2019    132

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  • 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%

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