Phu Nhuan Jewelry JSC (PNJ) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Phu Nhuan Jewelry JSC VND 43,646, price VND 35,300, upside +23.6%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range 30,750 VND – 84,667 VND · fair‑value band 31,655 VND – 111,976 VND · the 35,300 VND price screens below the 43,646 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 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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Phu Nhuan Jewelry Joint Stock Company manufactures, trades, imports, and exports gold, silver, jewelry, gemstones, fashion accessories, and souvenirs in Vietnam. 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 35,300 VND, while our model-based Fair Value estimate is 43,646 VND, implying the stock looks roughly 19.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 121,041 VND per share, and 14 of the 17 models we run sit above the 35,300 VND price.
Bear case: the Asset-Based group reads lowest at 17,382 VND, and 3 of the 17 models stay below the price. Evidence for this calculation is high.
Scenario range: 31,655 VND (bear) to 111,976 VND (bull), the price of 35,300 VND sits inside 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 22.4T VND · P/E ratio 5.4 · P/S ratio 0.44 · EPS (TTM) 6,545 VND · Dividend yield 3.0% · Net margin 8.1% · Return on equity 27.7% · Return on assets (EBIT) 16.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 58% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 9% fair-value upside, at 24%, PNJ screens cheaper than that median.
Fair Value models
Bear 31,655 VNDFair Value 43,646 VNDBull 111,976 VND
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (4,504 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.Evidence ⓘEvidence = 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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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.
+11.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.6%
Dividend (yield on the price)3.0%
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.
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 · 135 stocks
Beats the industry median on 12/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside+24% · Above median
Profitability
Return on equity (TTM)28% · Top 25%
Return on assets15% · Top 25%
Net margin (TTM)9% · Above median
Operating margin (TTM)11% · Above median
Growth and dividend
Revenue growth79% · Top 25%
Dividend yield (TTM)3.0% · Above median
Valuation Multiplesvs Luxury Goods median · lower = cheaper
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Is Phu Nhuan Jewelry JSC (PNJ) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 43,646 VND versus a price of 35,300 VND, about +24% upside (undervalued).
What is the fair value of PNJ?
Our model-based fair value for Phu Nhuan Jewelry JSC is 43,646 VND (as of Sep 23, 2026), built from audited fundamentals. The current price: 35,300 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 43,646 VND (as of Sep 23, 2026) from 17 valuation models. Cautious scenario 31,655 VND, optimistic scenario 111,976 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 43,646 VND, about +24% upside versus a price of 35,300 VND (undervalued). Cautious scenario 31,655 VND, optimistic scenario 111,976 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 42.6T VND (latest available figure, as of Sep 23, 2026).
Does Phu Nhuan Jewelry JSC pay a dividend?
Phu Nhuan Jewelry JSC currently shows a dividend yield of about 3.00% relative to its recent price (as of Sep 23, 2026).
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 43,646 VND per share (as of Sep 23, 2026), against a price of 35,300 VND. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Phu Nhuan Jewelry JSC stock overvalued or undervalued in 2026?
As of Sep 23, 2026, PNJ trades below its calculated fair value: price 35,300 VND, fair value 43,646 VND, a gap of about +24% (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 (35,300 VND); the fair value is what the company's own numbers justify (43,646 VND). For Phu Nhuan Jewelry JSC the two are 8,346 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 22.4T VND (market capitalisation, as of Sep 23, 2026). Per share that is 35,300 VND; our models calculate a fair value of 43,646 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 31,655 VND, base 43,646 VND, optimistic 111,976 VND per share (as of Sep 23, 2026, price 35,300 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 5.4 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 43,646 VND is built from several models across several years. Other multiples: P/B 1.7, P/S 0.5, EV/EBITDA 4.8.
How solid is the balance sheet of Phu Nhuan Jewelry JSC (PNJ)?
Balance-sheet figures for Phu Nhuan Jewelry JSC (as of Sep 23, 2026): return on equity 27.7%. 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 35,300 VND, about 58% below its 52-week high of 84,667 VND and 15% above the low of 30,750 VND (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 43,646 VND is for.
Which stocks are comparable to Phu Nhuan Jewelry JSC?
From the same area (Consumer Cyclical) we also value Hermès International Société en commandite par actions, Compagnie Financière Richemont SA, Christian Dior SE, Kering SA, 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 Sep 23, 2026: price 35,300 VND, calculated fair value 43,646 VND (+24%), 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 43,646 VND, 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 14.1 % above its aggregate fair value. Phu Nhuan Jewelry JSC currently trades 24 % 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 Sep 23, 2026 was 35,300 VND. Our model-based fair value is 43,646 VND, about +24% 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 model range is unusually wide (31,655 VND to 111,976 VND). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality.
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 22.4T VND. 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 0.44 (P/E × margin). 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 6,545 VND (price ÷ EPS = P/E 5.4). 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 3.0% (payout 16.2%). 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 8.1% (fiscal year 2025). 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 27.7% (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 10.8% (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 +79.0% 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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