Earnings Report /
Vietnam

Phu Nhuan Jewelry: Q4 20 – Thriving retail sales

  • 2020 unaudited net profit was 5% higher than our full-year estimates, totaling VND1.1tn (EPS: VND4,700)

  • PNJ ended the year on a relatively positive note compared to what was expected since the Covid-19 outbreak

  • We reiterate our Buy recommendation on PNJ, with a 1Y target price of VND94,000

Tung Do
Tung Do

Logistics, Aviation

Rong Viet
28 January 2021
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