Given the growth outlook for 2024 and 2025, PNJ is currently trading at a forward P/E ratio of 14.9x for 2024 and 13.2x for 2025, notably below its 5-year historical average of over 17x. We believe that the above P/E level will be maintained considering its market leadership, scale advantage, strong operational platform, and the substantial growth opportunities presented by the fragmented jewelry market. Thus, we maintain our OUTPERFORM rating for PNJ, with a target price of VND123,800/share.

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Please find the attached file below.