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PNJ – Operational recovery in sight – Update

Company Note 23/10/2019    173

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  • Performance in 3Q19 improved from previous quarter. Operational recovery arrived in late Aug.
  • The surge in financial and operating expenses offset GM expansion in 9M19.
  • PNJ slowed store expansion in 3Q19.
  • Downgrade to HOLD as market price is close to our TP of VND88,000.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND82,800

VND88,000

2.4%

HOLD

RETAIL

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