PNJ shares hit the ceiling, surpassing historical peak

The positive spread in the first session of the week helped many stocks maintain positive green color in the context of continued liquidity recovery. One of the outstanding codes in the session on August 19 was PNJ of Phu Nhuan Jewelry Joint Stock Company when it increased to the ceiling price of 104,900 VND/share early.

This brought PNJ's capitalization to a record high of VND35,095 billion (23% higher than at the beginning of the year). This code also had no sellers and a buy surplus of nearly 1.8 million units.

Along with the increase, the matched order volume also reached a record high of nearly 5 million units (the most recent record was 4.3 million units), while the previous average trading volume was only about 1.2 million units/day.

PNJ stock price movements (Source: TradingView).

This increase occurred a few days before PNJ announced its business results for the first 7 months of 2024. Previously, the company announced its business results for the second quarter and the first 6 months of the year with many positive indicators.

Specifically, in the second quarter of 2024, net revenue from sales and service provision increased by 42.8% over the same period last year to nearly VND 9,519 billion. The company's cost of sales also increased by 47.4% over the same period to VND 8,038 billion, which somewhat narrowed PNJ's gross profit growth.

During the period, PNJ's financial revenue decreased sharply by 4.5 times compared to the second quarter of 2023 to VND8 billion. Mainly due to the decrease in deposit interest from nearly VND27 billion last year to VND3.8 billion.

According to the financial statement explanation, as of June 30, PNJ's short-term financial investments in the form of deposits at banks decreased sharply from VND810 billion to VND170 million.

At the end of the second quarter of 2024, PNJ reported a profit after tax of nearly VND 429 billion, an increase of 26.9% compared to the second quarter of 2023.

In the first 6 months of 2024, PNJ earned a net revenue of VND 22,308 billion, an increase of 34%. The company reported a net profit after tax of VND 1,167 billion, an increase of 53% compared to the first 6 months of 2023.

At the end of June 2023, PNJ recorded total assets of VND 12,964 billion, down 10% compared to the beginning of the year. Mostly due to the decrease in short-term financial investments.

Regarding long-term financial investments, it is worth noting that the VND395 billion is "stuck" for a long time.

Specifically, PNJ invested 395 billion VND in DongA Commercial Joint Stock Bank (DongABank), holding 38.4 million EAB shares, equivalent to 7.69% ownership. The company also set aside more than 395 billion VND in investment reserves for the above amount.

As of June 30, 2023, DongABank is still under special control of the State Bank and EAB shares are not allowed to be transferred.

The company also has 1,900 billion VND in inventory being used as collateral for short-term loans at commercial banks.

At the end of the second quarter of 2024, PNJ's largest outstanding loan was at BIDV Bank, Hoc Mon branch, with 120 billion VND, interest rate of 4%.

On the other side of the balance sheet, PNJ's liabilities decreased by 51% compared to the beginning of the year to VND2,240 billion, mainly short-term debt.

The company's loans and financial leasing debts have decreased sharply from VND2,384 billion to nearly VND260 billion due to loans from commercial banks decreasing by 89% compared to the beginning of the year to VND153 billion.

Source: https://www.nguoiduatin.vn/co-phieu-pnj-tang-tran-vuot-dinh-lich-su-204240819150604792.htm