As of the end of September, PNJ's net inventory stood at over VND 16,626 billion, or nearly 83% of total assets, after a wave of product returns, with markdown provisions of nearly VND 2,229 billion. Most of the provisions relate to diamond jewelry and loose diamonds, and CEO Phan Quốc Công said liquidating the stock will take considerable time given weak market purchasing power. In the third quarter, net revenue fell 14% to nearly VND 6,995 billion and the company posted an after-tax loss of nearly VND 258 billion, versus a profit of nearly VND 496 billion a year earlier. Gross margin narrowed from 19.8% to 8.7%, and VND 5,111 billion of inventory was pledged as collateral for short-term bank loans, up nearly 29% from the end of last year. Management attributed the weak results to unusual gold price swings and changes in revenue mix.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Hàng tồn kho của PNJ tăng lên hơn 16.600 tỷ đồng
Read the original on VnExpress ↗
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Related tickers and likely impact
PNJ
• NeutralPhu Nhuan Jewelry
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Retail |
| Industry | Specialty Retailers |
| Market cap | 8,213 bn VND |
| P/E | 3.4 |
| P/B | 0.61 |
| Close on 10/30/2026 | 15.50 |
| Change that session | -3.43% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- SSI forecasts when PNJ's profit will return to the VND 1,000 billion mark
SSI forecasts PNJ's net revenue at VND 39,100 billion in 2026, VND 43,400 billion in 2027 and VND 57,700 billion in 2029, while after-tax profit is forecast at minus VND 6,300 billion in 2026, rising to VND 1,200 billion in 2028. The company holds large inventory, with diamonds making up 52%, and may need to set aside additional provisions for inventory write-downs if gold prices fall. Under SSI's estimated scenario, PNJ's additional repurchase obligation could be about VND 16,800 billion; to ease short-term liquidity pressure, the company plans to issue up to 550 million shares to raise VND 8,000 billion. Preliminary Q3/2026 results show a net loss of VND 258 billion, compared with a profit of VND 496 billion a year earlier. SSI continues to keep PNJ's stock at “Under review”.
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At PNJ’s extraordinary shareholders’ meeting on October 21, the company said customer buybacks surged from July after an incident involving the P-Lab director, with July’s total value reaching nearly 6,000 billion VND, almost equal to all of 2025 (about 7,000 billion VND). General Director Phan Quốc Công called the episode a “black swan,” and the company shortened payment times for some gold and jewelry products to 2–7 days, while diamonds remain at 120 days. The board proposed booking a 7,071 billion VND provision in 2026, which would push the pre-tax result to a loss of more than 6,000 billion VND, even though revenue is projected at 39,057 billion VND, up 10%. PNJ also plans to close 25–30 underperforming stores and issue up to 550 million shares in a private placement; Chairwoman Cao Thị Ngọc Dung apologized to shareholders.
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At PNJ's extraordinary shareholders' meeting on Oct. 21, 2026, the board proposed setting aside VND 7,071 billion in provisions this year for losses tied to its diamond buyback policy, projecting a pre-tax loss of over VND 6,000 billion. Excluding this provision, after-tax profit would be about VND 800 billion. Customers sold back about VND 6,000 billion of products in July alone, nearly matching the full-year 2025 total of about VND 7,000 billion, as the daily buyback value rose about 10 times normal levels. PNJ plans to close 25-30 underperforming stores, clear diamond inventory and restructure, and has shortened payment terms for some gold and jewelry products to 2-7 days. Chairwoman Cao Thị Ngọc Dung apologized to shareholders for the losses and the damage to their confidence.
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At the close on Oct. 13, PNJ shares stood at VND 19,200 per share, a market cap of over VND 9,800 billion, down nearly 70% since early July, which equals about VND 22,400 billion in lost market value. The slide followed legal news tied to a diamond smuggling case involving P-Lab, a Q2 loss of about VND 283 billion driven by provisions of about VND 865 billion for a buyback program, and share sales by relatives of the board chairman, including two daughters and a younger brother. The company also proposed a private placement of up to 550 million shares, against about 511.7 million shares outstanding. Short rebounds, such as a 6.8% gain on Oct. 9, have not reversed a decline that has lasted more than three months.
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