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.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
VND63,000
|
VND78,800
|
2.3%
|
ADD
|
CONSUMER GOODS
|
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