Title | PNJ_BUY_TP 127,400_Like a day without storms_BSC Company Update |
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Report Type | Phân tích công ty |
Source | BSC |
Bussiness | PNJ |
Detail |
Date : 12/04/2022 Total pages : 10 Language : English File Type : .PDF FileSize : 1393 Kb Download: 179 Download |
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Short Content |
Valuation BSC maintains its recommendation to BUY PNJ with a 2022 target price of VND 127,400/share upside 20% compared to March 4, 2022. Valuation based on DCF method with WACC=10%
Forecasting business results
BSC expects revenue and PAT in 2022 to reach VND 23,847 billion (+22% YoY) and VND 1,383 billion (+34% YoY), EPS fw is VND 5,637/share. PE fw = 19x – Higher than 5-year average P/E of 17x; thanks to offsetting consumer trends and improved profit margins.
Investment Thesis
Catalyst:
PNJ is expected to issue 15 million shares individually, at the price of 95,000 VND/share.
Risks
Updated business results for 2021
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