Phu Nhuan Jewelry Joint Stock Company

HOSE:PNJ Stock Report

Market Cap: ₫32.9t

Phu Nhuan Jewelry Valuation

Is PNJ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PNJ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PNJ (₫97000) is trading below our estimate of fair value (₫120853.81)

Significantly Below Fair Value: PNJ is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PNJ?

Key metric: As PNJ is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for PNJ. This is calculated by dividing PNJ's market cap by their current earnings.
What is PNJ's PE Ratio?
PE Ratio18x
Earnings₫1.83t
Market Cap₫32.91t

Price to Earnings Ratio vs Peers

How does PNJ's PE Ratio compare to its peers?

The above table shows the PE ratio for PNJ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.1x
TNG TNG Investment and Trading
14.8x16.7%₫3.2t
GIL Binh Thanh Import Export Production and Trade
21.6xn/a₫2.2t
X20 X20
9.2xn/a₫179.4b
TCM Thanh Cong Textile Garment Investment Trading
22.7xn/a₫4.8t
PNJ Phu Nhuan Jewelry
18x16.8%₫32.9t

Price-To-Earnings vs Peers: PNJ is expensive based on its Price-To-Earnings Ratio (18x) compared to the peer average (17.1x).

Price to Earnings Ratio vs Industry

How does PNJ's PE Ratio compare vs other companies in the Asian Luxury Industry?

53 CompaniesPrice / EarningsEstimated GrowthMarket Cap
PNJ 18.0xIndustry Avg. 21.6xNo. of Companies105PE020406080100+
53 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PNJ is good value based on its Price-To-Earnings Ratio (18x) compared to the Asian Luxury industry average (21.6x).

Price to Earnings Ratio vs Fair Ratio

What is PNJ's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PNJ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18x
Fair PE Ratio18.4x

Price-To-Earnings vs Fair Ratio: PNJ is good value based on its Price-To-Earnings Ratio (18x) compared to the estimated Fair Price-To-Earnings Ratio (18.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PNJ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₫97,000.00
₫119,379.46
+23.1%
10.5%₫139,000.00₫92,100.00n/a10
Dec ’25₫92,900.00
₫119,643.84
+28.8%
11.1%₫139,000.00₫92,100.00n/a9
Nov ’25₫91,400.00
₫118,429.46
+29.6%
9.2%₫138,000.00₫92,100.00n/a10
Oct ’25₫98,400.00
₫119,366.07
+21.3%
9.8%₫140,000.00₫92,100.00n/a9
Sep ’25₫102,200.00
₫118,561.83
+16.0%
9.4%₫140,000.00₫97,500.00n/a8
Aug ’25₫97,800.00
₫112,217.66
+14.7%
13.0%₫140,000.00₫80,800.00n/a10
Jul ’25₫94,000.00
₫108,939.72
+15.9%
14.0%₫140,000.00₫80,800.00n/a12
Jun ’25₫93,900.00
₫105,523.05
+12.4%
11.6%₫119,394.60₫80,800.00n/a12
May ’25₫95,000.00
₫105,289.72
+10.8%
11.3%₫119,394.60₫80,800.00n/a12
Apr ’25₫98,900.00
₫101,693.09
+2.8%
11.0%₫116,000.00₫80,800.00n/a11
Mar ’25₫95,700.00
₫94,138.55
-1.6%
7.0%₫108,000.00₫80,800.00n/a11
Feb ’25₫91,700.00
₫93,543.67
+2.0%
6.5%₫106,000.00₫80,800.00n/a12
Jan ’25₫86,000.00
₫94,702.18
+10.1%
5.2%₫106,000.00₫88,000.00n/a11
Dec ’24₫80,300.00
₫92,511.27
+15.2%
4.5%₫99,000.00₫84,000.00₫92,900.0011
Nov ’24₫72,000.00
₫91,666.83
+27.3%
5.7%₫99,000.00₫82,000.00₫91,400.0012
Oct ’24₫78,800.00
₫92,830.92
+17.8%
6.6%₫101,700.00₫82,000.00₫98,400.0013
Sep ’24₫80,500.00
₫91,994.36
+14.3%
6.8%₫101,700.00₫82,000.00₫102,200.0014
Aug ’24₫81,000.00
₫92,108.64
+13.7%
6.9%₫101,700.00₫82,000.00₫97,800.0014
Jul ’24₫75,000.00
₫91,175.68
+21.6%
8.1%₫101,700.00₫79,665.00₫94,000.0013
Jun ’24₫70,300.00
₫92,561.54
+31.7%
6.7%₫101,700.00₫82,000.00₫93,900.0013
May ’24₫77,000.00
₫95,650.00
+24.2%
8.6%₫109,000.00₫82,000.00₫95,000.0013
Apr ’24₫77,700.00
₫96,495.45
+24.2%
8.0%₫109,000.00₫82,800.00₫98,900.0011
Mar ’24₫77,600.00
₫98,367.17
+26.8%
9.5%₫116,796.65₫82,800.00₫95,700.0010
Feb ’24₫86,700.00
₫105,350.24
+21.5%
15.7%₫145,500.00₫87,800.00₫91,700.009
Jan ’24₫89,900.00
₫98,967.24
+10.1%
9.5%₫117,584.94₫87,750.00₫86,000.009
Dec ’23₫84,000.00
₫102,849.97
+22.4%
10.1%₫120,000.00₫87,750.00₫80,300.0010

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/20 11:20
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Phu Nhuan Jewelry Joint Stock Company is covered by 18 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Manh TranBao Viet Securities Joint Stock Company
Phu TruongBao Viet Securities Joint Stock Company
Chau PhamBIDV Securities Joint Stock Company