Vietcap Issues Surprising Profit Forecast for PNJ Over Next Seven Years

Vietcap warns that its forecast for PNJ's 2026–2032 profit (VND 20,357 billion) could fall by 39–54% if the company records 50–100% of a VND 6,250 billion repurchase provision in the second half of 2026. The warning comes as PNJ proposes at an extraordinary shareholders' meeting on October 21 to cut its 2026 profit target from a VND 3,409 billion profit to a VND 6,271 billion loss, mainly due to a VND 7,071 billion provision. In the first eight months, revenue rose 39% to VND 31,404 billion, but profit attributable to parent shareholders fell 54% to VND 668 billion. Vietcap's sensitivity analysis suggests that if the full provision is recorded, book value per share could fall to just VND 12,619 by year-end.

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Original headline: Vietcap dự báo bất ngờ về lợi nhuận PNJ trong 7 năm tới

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