PNJ – Brief – [HOLD] – 2Q24: Sign of recovery

In 2Q24, PNJ reported a revenue of VND9,544bn (+43.2% yoy; 102% of our forecast), while NPAT rose to VND429bn (+28.4% yoy; 103% of our forecast). In 3Q24F, we think that the demand for Jewelry Retail would continue to be improved due to the recovery of purchasing power amid the better economic outlook.