PNJ – 1H19 overview: losing some shine – Update
- Lower-than-expected 1H results. PNJ suffered from more than just temporary operational issues.
- Slower-than-expected store expansion amid cannibalisation effect. 1H19 gross profit margin remained high at 21.8%.
- Maintain ADD but lower TP to VND88,000.
|
Market Price
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Target Price
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Dividend Yield
|
Rating
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Sector
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|
VND76,800
|
VND88,000
|
2.6%
|
ADD
|
RETAIL
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