PNJ – Fire tests true gold – Update

• The FY19 results came at in 103.6% and 102.9% of our revenue and net profit forecasts, respectively.
• PNJ’s 1H20F earnings are likely to be dampened by subdued demand for discretionary products as a result of the COVID-19 outbreak
• We lower our FY20F forecasts to factor in the weak demand.
• Reiterate HOLD rating with lower TP of VND86,200.

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