NEWSLETTER 3 2019 · implementation, (2) Jewelries demand has seen a recovery since August which...
PHU NHUAN JEWELRY JOINT STOCK COMPANY www.pnj.com.vn NEWSLETTER QUARTER 3/2019 1. BUSINESS PERFORMANCE FOR 9M.2019 L ooking ahead at 2019 and the following years, the Board of Directors and all employees of PNJ are always awake to be creative, surpassing the rapid changes of the economy and the social-technological trend to ensure sustainable growth and the solid No. 1 position in Vietnam's jewelry industry. We believe that with strong determination, commitment of employees, along with the right strategies and the foundations that we have built, PNJ will strongly promote STRONG POWER to create a FAST BREAKTHROUGH in order to achieve HUGE EXPLOIT in 2019. PLAN OF 2019 9M.2019 9M.2018 +/-(%) Unit: VND million % PLAN NET REVENUE GROSS PROFIT NET PROFIT 18,207,610 3,477,800 1,181,760 11,679,338 2,438,142 805,891 10,507,742 1,952,944 694,384 11.1% 24.8% 16.1% 64% 70% 68%
Transcript of NEWSLETTER 3 2019 · implementation, (2) Jewelries demand has seen a recovery since August which...
PHU NHUAN JEWELRY JOINT STOCK COMPANY www.pnj.com.vn
NEWSLETTERQUARTER 3/2019
1. BUSINESS PERFORMANCE FOR 9M.2019
Looking ahead at 2019 and the following years, the Board
of Directors and all employees of PNJ are always awake to be creative, surpassing the rapid changes of the economy and the social-technological trend to ensure sustainable growth and the solid No. 1 position in Vietnam's jewelry industry. We believe that with strong determination, commitment of employees, along with the right strategies and the foundations that we have built, PNJ will strongly promote STRONG POWER to create a FAST BREAKTHROUGH in order to achieve HUGE EXPLOIT in 2019.
PLAN OF 2019 9M.2019 9M.2018 +/-(%)
Unit: VND million
% PLAN
NET REVENUE
GROSS PROFIT
NET PROFIT
18,207,610
3,477,800
1,181,760
11,679,338
2,438,142
805,891
10,507,742
1,952,944
694,384
11.1%
24.8%
16.1%
64%
70%
68%
PHU NHUAN JEWELRY JOINT STOCK COMPANY www.pnj.com.vn
NEWSLETTERQUARTER 3/2019
In particular, PNJ recorded a net revenue of VND 3,934 billion in Q3.2019, increased by 25% compared to Q3.2018. Accumulated 9 months of 2019, net revenue reached VND 11,679 billion (+11.1% yoy) which was driven by (1) ERP system have gradually come into stable operation after 6 months of implementation, (2) Jewelries demand has seen a recovery since August which helped to improve retail growth to double – digit, (3) wholesale business witnessed a good recovery in Q3.2019.
Gross profit in the first 9 months reached VND 2,438 billion (+24.8% yoy). Gross profit margin in the third quarter decreased slightly to 19.1% due to high contribution of gold bar trading. Accumulated 9 months, gross profit margin still remained at a high level of 20.9%.
PNJ's after-tax profit grew by 16.1% yoy, reaching VND 806 billion after 9 months of 2019, fulfilled 64% of the revenue target and 68% of the net profit target for FY2019.
PHU NHUAN JEWELRY JOINT STOCK COMPANY www.pnj.com.vn
NEWSLETTERQUARTER 3/2019
Revenue structure in 9M.2019 continue to show major contribution of 4 main business activities: Gold Jewelry, Silver Jewelry, Gold bars, and other business activities. In particular, the main contribution comes from gold jewelry - especially gold jewelry retail:
● Gold jewelry made the biggest contribution, which was 76% in revenue, slightly declined compared to 79.2% of the same period last year.
● Gold bar sales accounted for 21.9% of sales in comparison with 18.1% of 9M.2018
REVENUE STRUCTURE(9M. 2019)
REVENUE STRUCTURE(9M. 2018)
2. REVENUE STRUCTURES BY PRODUCTS
● Silver jewelry contributed only 1.6% of sales, equivalent to the same period last year.
● Other business activities accounted for a tiny proportion of revenue structure of 0.5%.
PNJ Gold PNJSilverGold Bar Other
PHU NHUAN JEWELRY JOINT STOCK COMPANY www.pnj.com.vn
NEWSLETTERQUARTER 3/2019
In Q3.2019, PNJ opened 6 stores including 5 gold stores and 1 silver store, as such, PNJ has opened 25 stores (comprising 23 gold stores, 1 silver store and 1 CAO store) by the end of September, bringing the total number of store count to 345 stores covering 53/63 provinces of Vietnam. PNJ's retail network with 345 stores will be expanded in the near future. Consequently, PNJ can confirm its position as
3.1. Development of retail network
the only jewelry company in Vietnam occupies the jewelry market in Vietnam by owning a large distribution network nationwide.
In addition, PNJ also had 22 PNJ watch stores, comprising 20 shop – in – shop, 1 standalone store and 1 store in shopping mall.
3. MAIN ACTIVITIES IN Q3.2019
TYPE OF STORE 31/12/2018 31/03/2019 30/06/2019 30/09/2019
PNJ GOLD
PNJ SILVER
CAO
TỔNG
258
63
3
324
260
63
4
327
273
62
4
339
278
63
4
345
PHU NHUAN JEWELRY JOINT STOCK COMPANY www.pnj.com.vn
NEWSLETTERQUARTER 3/2019
In Q3.2019, PNJ met and discussed with more than 20 foreign investors and financial institutions such as Cairnsmore Capital, Vergent Asset Management, LLP, Consilium Investment Management, Neon Liberty Capital Management LLC (US), Prusik Investment Management, Composite Capital, Matthew Asia, Nordea Asset Management, Alliance Bernstein ….... as well as joined Investors Conference of brokerages, funds such as HSC Emerging Market Conference. This is one of the periodic IR activities to update the business situation to investors, meet the criteria of transparence, timeliness and clearance to investors.
3.3. INVESTOR RELATIONS
Per our research, we saw that jewelry demand has seen a recovery since August, as such, PNJ has offered many promotion programs for our customers in order to buy PNJ’s products with reasonable price. The most typical one was Crazy sale program which was applied in HCMC and Southeast area. Additionally, in order to prepare for peak season at the end of the year, PNJ has also launched many new products and collections to give customers more choices in the upcoming holidays.
3.2. MARKETING ACTIVITIES
PHU NHUAN JEWELRY JOINT STOCK COMPANY www.pnj.com.vn
NEWSLETTERQUARTER 3/2019
4. INFORMATION AND PRICE PERFORMANCE OF PNJ STOCK
PNJ STOCK PRICE PERFORMANCE
INFORMATION OF PNJ STOCK AS OF 30 SEPTEMBER 2019
Closing price (VND)Price range for one year (dong)EPS (TTM) (dong)P/EP/BAverage volume in 52 weeks (share)Outstanding shares (share)Market capital (VND billion)
80,40066,750 – 87,000
4,67722.24.34
408,845222.562.551
16,255
PHU NHUAN JEWELRY JOINT STOCK COMPANY www.pnj.com.vn
NEWSLETTERQUARTER 3/2019
The contents of the IR newsletter are for the purpose of providing information to institutional investors as well as individual investors of PhuNhuan Jewelry Joint Stock Company (PNJ). PNJ will make every effort to ensure the transparency, completeness and accuracy of the information contained in this newsletter. However, we cannot guarantee that there are no errors or omissions. PNJ is exempt from liability for all or any damages related to inaccurate, or incomplete information contained in the newsletter. PNJ reserves the right to change and update this information at any time without prior notice. The information in the newsletter is shown in PDF format only. We are not responsible for any information in any other format. PNJ does not allow the reproduction, modification, distribution and use of part or all of this newsletter for any other purpose without the written consent of PNJ. Please quote sources if you use the information in this newsletter.
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