PNJ – Update – A turning point as raw material constraints ease
Posted: Apr 9, 2026
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We estimate PNJ’s Q1 2026 net profit at VND 1,320 billion (+95% yoy), mainly driven by the retail segment and strong growth in gold bar revenue.
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Over FY26F-FY27F, we see a major turning point for PNJ, supported by new sourcing policies that are expected to stimulate customer demand and help resolve raw material constraints. Accordingly, we forecast a 27% net profit CAGR over FY26F-FY27F.
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Reiterate ADD with higher target price of VND 156,300/share.
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