PNJ’s share price rose by 16.7% in 4Q 2025, bringing its full-year return to 1.3%. Thestrong 4Q performance was driven by upbeat operating results. In 3Q 2025, PNJreported revenue of VND8,135bn, up 14.1% YoY, and NPAT of VND496bn, surging129.6% YoY. The sharp earnings recovery was underpinned by a strong rebound in the24K gold business from a low base (+82.7% YoY) and margin expansion in the jewelryretail segment, supported by favorable gold prices. Management expected thesepositive trends to continue into 4Q 2025, pointing to robust full-year results. Lookingahead, PNJ’s 2026 outlook remains highly constructive. Supportive macroeconomicconditions and elevated gold prices are expected to continue underpinning demand for24K gold and jewelry products. In addition, following the issuance of Decree 232 in2025, the government has allowed qualified companies to import gold for jewelryproduction. PNJ has applied for an import quota for 2026, which, if approved, wouldhelp alleviate gold supply constraints and further improve margins. Over the longerterm, with unmatched gold jewelry manufacturing capabilities and the largest retailnetwork in Vietnam, PNJ is well positioned to benefit from the ongoing shift towardbranded jewelry, driven by the continued expansion of the middle- and upper-incomeclasses. As of 16 January 2026, PNJ shares were trading at a 2026 forward P/E of 13.5x.
VCBF Commentary