PNJ
04
July
Retail – In-depth – [NONRATED] – 2H25F Outlook: Better or worsen depends on macro conditions
In 2H25F, we think that the business results of retailers would depend on macro-economic conditions. In which, ICT-CE and Jewelry retail might grow slow compared to 1H25 due to the...
16
May
Retail – Note – [NONRATED] – Better or worsen depends on macro conditions
In 1Q25, consumer demand showed signs of recovery supported by strong macroeconomic growth, benefiting ICT-CE retailers like MWG and FRT; however, outlook for the rest of 2025 remains cautious amid...
19
February
PNJ – Brief – [Non-rated] – Challenges still ahead
In 4Q24, PNJ reported a net revenue of VND8,581bn (-12.1% yoy), NPAT surged to VND733bn (+15.2% yoy) after reaching the bottom in 3Q24 (-14.8% yoy – due to the unsual...
03
January
Retail – In-depth – [NONRATED] – 2025 Outlook: Next Chapter
In 2025F, we think that the retail sector would generally have a positive prospect. (1) ICT-CE and Jewelry retailers would continue to recover due to the recovery of consumer demand....
15
November
Retail – Note – [NONRATED] – A run-up for the peak sales season
Despite the Yagi Typhoon impacts, we saw a continuing recovery of listed retailers/distributors in 3Q24. In 4Q24F, we believe that consumer spending would be stronger because of (1) the recovery...
07
August
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...
28
June
Retail sector – In-depth – [NONRATED] – It’s time for a sprint
In 1Q24, we see that consumers’ confidence reached the highest level of 78% in the last 5 quarters. Together with a more bustling production activity (especially in 2Q24 with IIP...
15
May
Retail – Note – [NONRATED] – Weak demand had different impacts
Consumer demand, in general, is not strong during the Tet holiday, but the impact varies among listed retailers. On the positive side, the consumer confidence index in 1Q24 increased to...
Featured Analysis
Oil & Gas – In-depth – [NEUTRAL] – 2H25 Outlook: Tailwinds at home, headwinds abroad
Aviation – In-depth – [NONRATED] – 2H25 Outlook: Hold Altitude
Derivatives: Rising liquidity
Market commentary: Market divergence
Derivatives: A breakout session?
Market commentary: Strong foreign inflows
Fund flow: Strong capital outflows in Thailand
