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PNJ – 2Q20 results hit hard by COVID-19 – Update

Company Note 27/07/2020    149

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  • PNJ’s 2Q20 revenue dropped 7.2% yoy to VND2.270bn while net profit plunged 81.3% yoy to VND32bn.
  • PNJ’s 1H20 revenue edged up 0.2% yoy to VND7,817bn while net profit fell 26.4% yoy to VND440bn, making up 45% of our full-year forecast.
  • Reiterate ADD with unchanged TP of VND78,800

Market Price

Target Price

Dividend Yield

Rating

Sector

VND52,100

VND78,800

3.5%

ADD

CONSUMER GOODS

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