Retain Outperform on solid fundamentals & cheap valuations

At the current price, PNJ is trading attractively at P/Es of 12.4x (FY24) and 10.8x (FY25) vs 18.0x of its past 5-y average and market-leading position. We maintain our Outperform rating on PNJ, and our DCF-derived TP at VND92,524 (Upside: 17.1%).

We like PNJ for its leading position in Vietnam’s branded jewelry market, and its financial and executional strengths to allow it to capitalize on near-term demand recoveries and sustainable longer-term developments.