Phu Nhuan Jewelry JSC (PNJ) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Phu Nhuan Jewelry JSC stock VND 32,959, price VND 15,050, upside +119.0%, quality 57 out of 100. Rating: strongly undervalued. Calculated from audited financials with 17 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range 14,750 VND – 84,667 VND · fair‑value band 25,962 VND – 46,927 VND · the 15,050 VND price screens below the 32,959 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Phu Nhuan Jewelry Joint Stock Company manufactures, trades, imports, and exports gold, silver, jewelry, gemstones, fashion accessories, and souvenirs in Vietnam.
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The company is also involved in the provision of testing services for diamonds, gems, and precious metals; trading of watches; and consultancy and appraisal services for gold, silver, and gemstones. The company sells its products through stores and online sales channels.
The company was incorporated in 2004 and is headquartered in Ho Chi Minh City, Vietnam.
Stock analysis
Phu Nhuan Jewelry JSC (PNJ) currently trades at 15,050 VND, while our model-based Fair Value estimate is 32,959 VND, implying the stock looks roughly 54% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 90,787 VND per share, and 15 of the 17 models we run sit above the 15,050 VND price.
Bear case: the Dividend Discount group reads lowest at 12,963 VND, and 2 of the 17 models stay below the price. Data coverage for this calculation is low.
Scenario range: 25,962 VND (bear) to 46,927 VND (bull), the price of 15,050 VND sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Consumer Cyclical sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Phu Nhuan Jewelry JSC reported revenue of 35.0T VND in FY2025 versus 19.5T VND in FY2021, a compound +15.7%/yr. Reported net income was 2.8T VND in FY2025, compounding +28.8%/yr from FY2021.
Key figures
Market cap 7.9T VND (≈ $308M) Small · P/E ratio 2.8 · P/S ratio 0.18 · EPS (TTM) 5,302 VND · Dividend yield 7.5% · Net margin 6.7% · Return on equity 22.4% · Return on assets (EBIT) 16.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 82% below its 52-week high and 2% above its 52-week low.
For context, the median of 10 Consumer Cyclical peers we cover trades at 25% fair-value upside, at 119%, PNJ screens cheaper than that median.
Fair Value models
Bear25,962 VNDFair Value 32,959 VNDBull46,927 VND
Price 15,050 VND · Upside +119.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (4,532 VND per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−7.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.8%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.8%
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’25
What shareholders gained per year (last 5 years), in VND (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in VND: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+16.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.6%
Dividend (yield on the price)7.5%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.9% → 10%
2025 sits 99% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
AI conclusion: Core operations continue to generate profits excluding one-offs, yet negative free cash flow and large provisions signal only average durability at best.
Main risk: Continued provisions and capital needs from the diamond smuggling case at its testing subsidiary could erode customer trust and further weaken cash flows.
PNJ’s generous buyback policy for diamond jewelry has turned into a major liability after the diamond smuggling case involving its testing subsidiary. The company is now making large provisions, closing dozens of stores and planning a capital raise while its core operations still generate profits excluding one-offs. Will the restructuring and policy adjustments restore cash flow and customer trust faster than the accumulated obligations erode its financial position?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Luxury Goods · 121 stocks
Beats the industry median on 11/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside+119.0% · Top 25%
Profitability
Return on equity (12 months)22.4% · Top 25%
Return on assets14.0% · Top 25%
Net margin (12 months)6.7% · Above median
Operating margin (12 months)−3.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)11.9% · Above median
Dividend yield (12 months)7.5% · Top 25%
Valuation Multiplesvs Luxury Goods median · lower = cheaper
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Is Phu Nhuan Jewelry JSC (PNJ) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 32,959 VND versus a price of 15,050 VND, about +119% upside (undervalued).
What is the fair value of PNJ?
Our model-based fair value for Phu Nhuan Jewelry JSC is 32,959 VND (as of Nov 5, 2026), built from audited fundamentals. The current price: 15,050 VND.
What is the quality score of PNJ?
Phu Nhuan Jewelry JSC has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Phu Nhuan Jewelry JSC (PNJ)?
Our model-based price target is the fair value of 32,959 VND (as of Nov 5, 2026) from 17 valuation models. Cautious scenario 25,962 VND, optimistic scenario 46,927 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Phu Nhuan Jewelry JSC stock forecast for 2026?
Our models put fair value at 32,959 VND, about +119% upside versus a price of 15,050 VND (undervalued). Cautious scenario 25,962 VND, optimistic scenario 46,927 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Phu Nhuan Jewelry JSC (PNJ)?
Phu Nhuan Jewelry JSC reported trailing-twelve-month revenue of about 43.5T VND (latest available figure, as of Nov 5, 2026).
Does Phu Nhuan Jewelry JSC pay a dividend?
Phu Nhuan Jewelry JSC currently shows a dividend yield of 7.50% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Phu Nhuan Jewelry JSC (PNJ)?
Phu Nhuan Jewelry JSC has a dividend yield of 7.5%.
What is the intrinsic value of Phu Nhuan Jewelry JSC (PNJ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Phu Nhuan Jewelry JSC it is 32,959 VND per share (as of Nov 5, 2026), against a price of 15,050 VND. It is the blended result of 17 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Phu Nhuan Jewelry JSC stock overvalued or undervalued in 2026?
As of Nov 5, 2026, PNJ trades below its calculated fair value: price 15,050 VND, fair value 32,959 VND, a gap of about +119% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PNJ?
No. The price is what the market pays today (15,050 VND); the fair value is what the company's own numbers justify (32,959 VND). For Phu Nhuan Jewelry JSC the two are 17,909 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Phu Nhuan Jewelry JSC worth?
The market values Phu Nhuan Jewelry JSC at about 7.9T VND (market capitalisation, as of Nov 5, 2026). Per share that is 15,050 VND; our models calculate a fair value of 32,959 VND per share.
What do the bullish and bearish scenarios say about PNJ?
Our models span a range for Phu Nhuan Jewelry JSC: cautious scenario 25,962 VND, base 32,959 VND, optimistic 46,927 VND per share (as of Nov 5, 2026, price 15,050 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PNJ?
Phu Nhuan Jewelry JSC trades at a price-to-earnings ratio of 2.8 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 32,959 VND is built from several models across several years. Other multiples: P/B 0.6, P/S 0.2, EV/EBITDA 1.9.
How solid is the balance sheet of Phu Nhuan Jewelry JSC (PNJ)?
Balance-sheet figures for Phu Nhuan Jewelry JSC (as of Nov 5, 2026): return on equity 22.4%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is PNJ from its 52-week high?
Phu Nhuan Jewelry JSC trades at 15,050 VND, about 82% below its 52-week high of 84,667 VND and 2% above the low of 14,750 VND (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 32,959 VND is for.
Which stocks are comparable to Phu Nhuan Jewelry JSC?
From the same area (Consumer Cyclical) we also value Compagnie Financière Richemont SA, Christian Dior SE, Tapestry, Inc, Chow Tai Fook Jewellery Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Phu Nhuan Jewelry JSC stock attractive at the current price?
The data as of Nov 5, 2026: price 15,050 VND, calculated fair value 32,959 VND (+119%), Quality Score 57/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PNJ calculated?
We run Phu Nhuan Jewelry JSC through 17 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 32,959 VND builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Phu Nhuan Jewelry JSC currently trades 54% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Phu Nhuan Jewelry JSC (PNJ)?
The closing price on Nov 6, 2026 was 15,050 VND. Our model-based fair value is 32,959 VND, about +119% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Phu Nhuan Jewelry JSC right now?
The price is below even our cautious bear case (25,962 VND). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (25,962 VND to 46,927 VND) leaves room in how you read the outcome.
Key figures of Phu Nhuan Jewelry JSC
How large is the market capitalisation of Phu Nhuan Jewelry JSC (PNJ)?
The market capitalisation of Phu Nhuan Jewelry JSC is 7.9T VND (≈ $308M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Phu Nhuan Jewelry JSC (PNJ)?
The price-to-sales ratio of Phu Nhuan Jewelry JSC is 0.18 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Phu Nhuan Jewelry JSC (PNJ)?
Earnings per share at Phu Nhuan Jewelry JSC are 5,302 VND (price ÷ EPS = P/E 2.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Phu Nhuan Jewelry JSC (PNJ)?
The dividend yield of Phu Nhuan Jewelry JSC is 7.5% (payout 21.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Phu Nhuan Jewelry JSC (PNJ)?
The net margin of Phu Nhuan Jewelry JSC is 6.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Phu Nhuan Jewelry JSC (PNJ)?
The return on equity (ROE) of Phu Nhuan Jewelry JSC is 22.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Phu Nhuan Jewelry JSC (PNJ)?
On an EBIT basis the return on assets of Phu Nhuan Jewelry JSC is 16.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Phu Nhuan Jewelry JSC (PNJ)?
The operating margin of Phu Nhuan Jewelry JSC is −3.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Phu Nhuan Jewelry JSC (PNJ)?
Revenue at Phu Nhuan Jewelry JSC is growing +11.9% versus a year earlier (3y avg +1.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Phu Nhuan Jewelry JSC (PNJ)?
Earnings per share at Phu Nhuan Jewelry JSC are growing +117% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Phu Nhuan Jewelry JSC (PNJ) generate?
The free cash flow of Phu Nhuan Jewelry JSC is −96.7B VND (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Phu Nhuan Jewelry JSC (PNJ) carry?
The net debt of Phu Nhuan Jewelry JSC is 3.7T VND (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 5, 2026