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”.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: SSI dự báo thời điểm lợi nhuận PNJ trở lại mốc 1.000 tỷ đồng
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Related tickers and likely impact
PNJ
▲ Likely positivePhu Nhuan Jewelry
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Retail |
| Industry | Specialty Retailers |
| Market cap | 9,825 bn VND |
| P/E | 4.0 |
| P/B | 0.73 |
| Close on 10/22/2026 | 18.60 |
| Change that session | -3.12% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Ms. Cao Thi Ngoc Dung: 'We Had No Other Choice, So I Sold PNJ Shares'
At an extraordinary shareholders' meeting, over 1,100 shareholders representing about 61.7% of voting rights attended and asked Chairwoman Cao Thi Ngoc Dung to explain why her family kept selling PNJ shares. She said the sales aimed to provide capital to the company after a crisis of confidence triggered in July by a former director of P-Lab linked to a diamond smuggling ring, which led to roughly 10 times the usual volume of customers returning products. Buybacks in July alone reached nearly VND 6,000 billion, and cumulative buybacks by end-September reached about VND 21,000 billion, while Q3 revenue fell 14% and the company posted a VND 258 billion loss before provisions. Her family lent the company over VND 700 billion because bank borrowing was tightened, with about VND 3,000 billion in existing short-term bank debt and high interest rates on new loans. The board's plan for a rights issue was not feasible because the company would not meet eligibility requirements given the expected heavy loss this year, and she pledged to keep supporting PNJ.
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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.
- Phu Nhuan Jewelry (PNJ) closes a series of stores
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.
- PNJ Board Cuts Its Pay by 50% to Drive Restructuring
PNJ’s Board of Directors has voluntarily cut its remuneration by 50% as part of a comprehensive restructuring that includes streamlining the organization and optimizing its retail network, the company said on October 14. The top management pay cut was implemented earlier, reflecting accountability for the restructuring. PNJ has reviewed its organizational structure, staffing levels and processes, targeting a 25-30% reduction in personnel costs, to be rolled out gradually from late 2026 into 2027. The company says it will strengthen financial health, governance and risk control, and rebuild trust among customers and the market. Opening, upgrading, converting or closing stores is a routine management decision, and warranty and after-sales service for affected customers will remain available through nearby stores.
- Behind the “Shock” That Wiped 22,000 Billion VND From PNJ’s Market Cap
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.
- PNJ runs out of cash: A stress test for the 'king' of the jewelry industry
After a sharp rise in diamond and jewelry buy-backs from July, PNJ's Q3 2026 net revenue fell 14% to nearly 7,000 billion VND, with gross profit down 62% to 609 billion VND and a 258 billion VND after-tax loss. Cash and deposits at end-September were only about 770 billion VND, including a 700 billion VND personal loan from the Board Chair, while diamonds account for about 52% of inventory and are hard to sell without deep discounts. The company extended buy-back payments to 120 days, but retail revenue in August and September was under half of normal levels. The revised 2026 plan cuts revenue 19% to 39,057 billion VND and projects a 6,271 billion VND loss, mainly due to a provision of over 7,071 billion VND, and proposes a private share placement of up to 550 million shares to raise about 8,000 billion VND.
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