Shares of Phu Nhuan Jewelry Joint Stock Company (PNJ) have recently seen several sessions with strong fluctuations over 4%. The most recent trading session closed with an increase near its limit, reaching 126.500 VND, the highest in 17 years since its listing on the Ho Chi Minh City Stock Exchange (HoSE).
Investor cash flow into PNJ stock has also improved. Previously, transaction values typically ranged from 70 to 100 billion VND, but on 28/1, the stock set a new record with over 800 billion VND in matched orders.
The upward trend of PNJ stock coincides with the most buoyant period in the history of the precious metals market. Domestic gold bars have consistently broken records, at times reaching 191,3 million VND per tael, an increase of nearly 37 million VND in less than one month. Silver prices also surged to 121 million VND per kg, one and a half times higher than at the start of the year.
Commenting on the price surge of the sole jewelry enterprise on the stock exchange, analysts from Sai Gon - Ha Noi Securities Company (SHS) believe several factors are at play.
First, rising gold and silver prices increase inventory value, thereby improving profits. One week ago, PNJ reported a profit of approximately 2.830 billion VND for 2025, a record in its 37-year history, even as revenue declined to about 34.980 billion VND.
Regarding policy, SHS believes the abolition of the State's monopoly in gold bar production opens many opportunities for private enterprises. New regulations on import and export quotas could help PNJ address the issue of official raw material supply shortages. For many years, the company's management consistently highlighted this as a significant challenge, to the point where at times there was no gold left for crafting.
Sharing this view, experts from DSC Securities Company commented that allowing qualified enterprises to independently produce gold will improve domestic supply, helping PNJ gradually restore 24K gold sales.
The new policy also creates an opportunity for PNJ to become a gold processing unit for banks qualified to produce gold. "With a strong production foundation, PNJ can become a partner and earn stable processing fees. This creates a new revenue stream, reduces reliance on retail, and is expected to have a significant impact from 2026-2027," SHS analysts stated.
SHS also listed two factors related to business strategy and operational scale to explain the surge in PNJ stock price. First, the company typically proactively stockpiles raw materials to prepare for strong demand during year-end occasions such as weddings, festivals, and the God of Wealth day (Than Tai). Second, increased control over the legality of gold supply may create pressure for traditional jewelry shops, but it benefits large-scale chains that ensure compliance.
"PNJ can fully capture additional market share from small-scale gold shops facing business restrictions as the government tightens checks on the legality of raw materials," a DSC expert shared, echoing this perspective.
At a price range of 126.500 VND, PNJ stock currently exceeds the projections of many securities companies. For example, in a report one month ago, analysts from Mirae Asset Vietnam estimated the fair value of this stock over the next one year at 109.200 VND, while SHS set a target price of 110.200 VND.
Phuong Dong
