PNJ – Brief – [Non-rated] – The fog remains

In 2Q25, PNJ’s net revenue dropped to VND7,582bn (-20.3% yoy) and PNJ’s NPAT lift up slightly to VND442bn (+3.0% yoy). In 2H25F, we think that Jewelry Retail’s sales might still not see a strong improvement due to the current weak consumer demand and high gold prices. At the base case, we expect that PNJ would meet their business guidance (2025’s NPAT: -7.3% yoy).