We maintain our OUTPERFORM rating, with an expected P/E of 17x based on the 5-year average and a target price of VND117,300/share – lower than the previous forecast to a decrease in the 2025 forecast. We remain confident that PNJ is a top-tier retailer poised for strong long-term growth, driven by the expanding middle class, a fragmented jewelry retail market, and shifting consumer behaviors towards jewelry in Vietnam.

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Please find the attached file below.