PNJ - ADD - Lower margins, but still a great cyclical - Update
  • 2013-08-28T00:00:00
  • Company Research
We lowered our target price from VND46,300 to VND31,400 as gold trading has increased (44% of sales), leading to lower than expected blended margin (8% vs 9% prior) and higher cost of debt (8.5% vs 7% prior) as PNJ now mainly borrows in VND-denominated loan rather than gold.