25/11/2020 - 08:25
PNJ: Long-term prospect remains positive
We upgrade to BUY from the previous HOLD-Outperform rating. Our new target price of VND 92,085 is based on a weighted approach that comprises 50% weightings each in our FCFE model and a P/E comparison with peers. Our target price implies 17.3x 2021E P/E.
