Maintain Outperform rating & target price of VND117,982/share

At this stage, we maintain Outperform rating on with a DCF-derived target price for PNJ to VND117,982/share (upside: 19.5%). PNJ is trading at P/Es of 14.5x (FY24) and 12.6x (FY25), vs 16.5x of its past 5-year average & its market-leading position.

PNJ looks well-positioned to recover sooner and stronger than the overall market. We keep favoring 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.

In short-term, PNJ might benefit from the potentially larger weight in VNDiamond ETF, which results in the buy of significant amount through the rebalancing period.

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Please find the attached file below.