BVSC maintains the OUTPERFORM rating and raises the target price to VND 149,800/share (from VND 110,500/share), reflecting a more positive outlook for 2026. The target price is based on a median P/E multiple of 14.8x among regional industry peers. Currently, PNJ is trading at a P/E of 12x based on BVSC’s 2026 earnings forecast, representing a significant discount compared to its 5-year average of 15.9x. Supporting factors for the share price include strong business performance, attractive valuation, and a proposed bonus share issuance at a 2:1 ratio (if approved).

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Please find the attached file below.