External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Flat amid pressure: Phu Nhuan Jewelry JSC (PNJ VN) faced challenges in 1Q23, when revenue decreased 3.8% YoY to VND9,753bn.</li><li>Of this, the retail channel brought in about VND5,627.5bn (-0.6% YoY), while wholesales and 24K gold revenue reached VND877.8 (-19.2% YoY) and VND3,082bn (-3.1% YoY), respectively.</li><li>1Q23. Gross profit reached VND1,891bn (+7.4% YoY), and gross margin improved to 19.4% in 1Q23 (from 17.4% in 2022), due to product structure changes. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Flat amid pressure: Phu Nhuan Jewelry JSC (PNJ VN) faced challenges in 1Q23, when revenue decreased 3.8% YoY to VND9,753bn.Of this, the retail channel brought in about VND5,627.5bn (-0.6% YoY), while wholesales and 24K gold revenue reached VND877.8 (-19.2% YoY) and VND3,082bn (-3.1% YoY), respectively.1Q23. Gross profit reached VND1,891bn (+7.4% YoY), and gross margin improved to 19.4% in 1Q23 (from 17.4% in 2022), due to product structure changes. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Phu Nhuan Jewelry JSC (PNJ VN/Hold/TP: VND82,000) - Headwinds ahead