PNJ- vài cú đạp anh em mất hết hàng! chuẩn bị cho đợt tăng mới- lên 1xx!

Các anh cho chỉnh về 74 ko đấy, đặt mua từ sáng mà chưa khớp được

hết tuần là vượt

Mai có 731

hold hết trend

Nay lại tranh nhau mua giá 76

--- Gộp bài viết, 15/02/2017, Bài cũ: 15/02/2017 ---

Hết tuần vượt 85

75 rồi

--- Gộp bài viết, 15/02/2017 ---

hì

Tuần trước là 1 tuần tăng

Tuần này là 1 tuần nghỉ dưỡng sức

Tích cưc nhất cũng chỉ đóng tuần loanh quanh 76

Đ/ c mạnh nhất cũng sẽ có thể có giá 731

Tuần sau phá đỉnh83

mua

--- Gộp bài viết, 15/02/2017 ---

múc

phi

--- Gộp bài viết, 16/02/2017, Bài cũ: 16/02/2017 ---

lên 165

Accelerating expansion to cement leadership position
* We reiterate our BUY rating on PNJ with 21.8% total return.
* We increase our target price by 5.2% primarily due to roll-over effects and a 50 bps contraction in WACC.
* We pencil in 40 new stores in FY17 vs 31 in FY16. This, coupled with 8% SSSG, will pull high-margin retailing revenue up by an estimated 23.3% vs FY16.
* FY17 core NPAT is forecast to grow 17.3% against reported growth of 32.4% as PNJ will no longer be burdened by DongA provisioning in 2017.
* We believe there is meaningful upside in PNJ given its three-year core PEG of 0.7.

Planned fast-track store openings will catapult earnings growth in FY17.Determined to solidify its leadership position amid bright market prospects, PNJ looks to speed up its store expansion, aiming to reach an accumulated 320 stores by YE2019 compared to YE2021 as previously planned. In FY17, PNJ plans to open 40 new stores, boding well for growth. On the other hand, reported earnings will grow faster than core earnings in 2017 as PNJ finished its provisioning for DongA Bank in 2016.

A recent social media study underscores PNJ’s pole position in Vietnam’s jewelry market. According to a study conducted by Buzzmetrics, PNJ was the most popular jewelry brand on Vietnam’s social media during H2 2016. PNJ accounted for 35% of total mentions on social media among jewelry brands during this period. This dwarfed that of its major rivals, such as SJC, Pandora Vietnam, DOJI and Bao Tin Minh Chau, each of which occupied only 5%-6% of total mentions. PNJ’s popularity is centered on its active launches of new collections along with creative marketing campaigns, in addition to its frequent promotion activities.

As private placement details are pending, we model for additional unsecured short-term debt. Aggressive store expansion in 2017 and 2018 (40 new stores per year) will call for substantial working capital while PNJ still aims to maintain its current dividend policy. This is the reason why PNJ is raising capital via private placement. Owing to the lack of details regarding the private placement, we currently model for additional unsecured short-term debt to cover working capital shortfalls in 2017 and 2018 (7% interest rate), leading to strong growth in interest expenses.