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>Strong YoY recovery in 2022 from FY2021’s low base: PNJ recorded revenue of VND33,876bn (+73.3% YoY) and after-tax profit of VND1,807bn (+75.6% YoY), equivalentto 131% and 137%, respectively,of its yearly targets.</li><li>The strong performance was thanks to the post-Covid recovery of the retail market from a low base, PNJ’s effective marketing, and investment demand for gold amid inflationary pressure and geopolitical uncertainties.</li><li>Revenue from the retail segment reached VND20,732bn (+79.7% YoY, accounting for 61.2% of PNJ’s revenue), revenue from 24K gold recorded VND8,571bn (+74.6% YoY, accounting for 25.3%), and wholesales brought in VND4,065bn (+56.1% YoY, accounting for 12%).</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>

Strong YoY recovery in 2022 from FY2021’s low base: PNJ recorded revenue of VND33,876bn (+73.3% YoY) and after-tax profit of VND1,807bn (+75.6% YoY), equivalentto 131% and 137%, respectively,of its yearly targets.The strong performance was thanks to the post-Covid recovery of the retail market from a low base, PNJ’s effective marketing, and investment demand for gold amid inflationary pressure and geopolitical uncertainties.Revenue from the retail segment reached VND20,732bn (+79.7% YoY, accounting for 61.2% of PNJ’s revenue), revenue from 24K gold recorded VND8,571bn (+74.6% YoY, accounting for 25.3%), and wholesales brought in VND4,065bn (+56.1% YoY, accounting for 12%).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/Trading Buy)_Update report