Give us your feedback

PNJ – Update – 20180810

Company Note 10/08/2018    237

Share

  • PNJ announced strong 2Q2018 business results in line with our expectations. Our positive view on PNJ is strengthened by the company’s growing store coverage, robust Same-Store Sales Growth (SSSG) and successful expansion into fashion accessories such as watches. We upgrade PNJ to an ADD rating based on a new target price of VND120,700/share.
  • FY2018 revenue is estimated to reach VND14,271bn (+30.0% yoy) and net profit to soar 39.3% yoy to VND1,010bn.
  • We reiterate our ADD rating and target price of VND120,700/share which translates into a FY18 P/E of 19.4x.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND96,000

VND120,700

1.9%

ADD

RETAILS

 

Please follow this link for the full report

DMCA.com Protection Status