PNJ – Navigating through challenges – Update
- PNJ’s revenue dropped 47% yoy to VND501bn and the company recorded a net loss of VND89bn (-268% yoy) in Apr 2020.
- We believe 2Q20F results will be hit harder by the shop closure due to COVID-19 outbreak.
- Upgrade to ADD rating with lower TP of VND78,800.
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Market Price
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Target Price
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Dividend Yield
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Rating
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Sector
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VND63,000
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VND78,800
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2.3%
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ADD
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CONSUMER GOODS
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