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PNJ – Fire tests true gold – Update

Company Note 03/03/2020    228

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  • 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

Target Price

Dividend Yield

Rating

Sector

VND81,600

VND86,200

2.2%

HOLD

CONSUMER GOODS

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