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PNJ – Earnings Update – 20180124

Company Note 24/01/2018    168

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  • PNJ’s NPAT grew at an impressive clip in 2017, but undershot our forecast as a result of the sharp increase in SG&A costs. However, the stock price rose to almost touch our target price, reflecting the bright outlook for 2018.
  • We maintain our target price and HOLD recommendation for now.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND143,000

VND143,700

1.28%

HOLD

CONSUMER GOODS

 

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