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.
|
Market Price
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Target Price
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Dividend Yield
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Rating
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Sector
|
|
VND81,600
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VND86,200
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2.2%
|
HOLD
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CONSUMER GOODS
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