Thần Tài is one of the famous gods in Eastern beliefs, specializing in managing Wealth, Fortune, and Prosperity, bringing luck, abundance, and good fortune… According to ancient beliefs, buying gold on the day of Thần Tài’s outing on the 10th day of the first lunar month is considered to bring luck, successful work, wealth and prosperity, and abundant money throughout the year.
In the previous years, the price of gold on Thần Tài’s outing day also stimulated market sentiment in the stock market, and the stock price of the rare gold enterprise PNJ also increased accordingly. However, unlike previous years, this year PNJ stock price dropped sharply on Thần Tài’s outing day.
Accordingly, on the afternoon of Thần Tài’s outing day, PNJ market price decreased by 1.90% from VND 90,500 per share to VND 88,800 per share.
The decrease in PNJ’s stock price comes from two main reasons. Firstly, the domestic gold price goes down despite today being Thần Tài’s outing day and the high demand for gold purchases, which affects market sentiment.
Earlier this morning, Phú Quý Group listed the SJC gold price for the Hanoi market at VND 75.4 million per tael (buying) and VND 78 million per tael (selling). Compared to late Sunday afternoon, the SJC gold price at this company decreased by VND 400,000 per tael for buying and VND 100,000 per tael for selling.
Phú Quý 999.9 smooth round ring has a price of VND 64.6 million per tael and VND 65.8 million per tael, corresponding to a decrease of VND 300,000 per tael and VND 200,000 per tael compared to yesterday afternoon.
Secondly, PNJ’s stock price has increased significantly at the end of 2023, which is the peak of purchasing power due to seasonal factors such as Vietnamese Women’s Day, wedding demand, stocking up. In just 2 months, PNJ’s market price has increased nearly 29% from VND 70,000 per share to over VND 90,000 per share.
In terms of business performance, PNJ recorded strong Q4/2023 revenue at VND 9,760 billion, an increase of 17.6% compared to the same period last year. The specific business results are as follows: Retail revenue recovered 26.1% compared to the previous quarter, reaching VND 5,273 billion, which is almost flat compared to the same period last year.
Full-year retail revenue reached VND 19,042 billion, a decrease of 7.9% compared to the previous year. According to the leadership board, the number of customers buying goods in 2023 increased thanks to double-digit growth in the number of new customers, while the buying frequency of old customers remained stable. This indicates that the value of each buying frequency in 2023 decreased by 20%.
Therefore, according to BVSC, revenue growth in the future will be supported by: increasing the value of each buying frequency thanks to macroeconomic improvements; and expanding the customer base. Purchasing power may recover more significantly in the second half of 2024 after export activities have improved.
The wholesale segment increased by 14.0% compared to the previous quarter to VND 731 billion (a 25.1% decrease year-on-year). Despite the signs of improvement, the wholesale segment is still slow, reflecting cautious views on the demand for non-essential items, according to BVSC. For the whole year of 2023, the wholesale segment decreased by 30.4%, reaching VND 2,874 billion.
The revenue from gold pieces increased sharply by 75.2% to VND 3,319 billion thanks to the benefits from increased buying and selling activities when gold prices increased. Revenue from gold pieces in 2023 increased by 22.1%, reaching VND 10,456 billion.
In a recent meeting with VnDirect, in 2024, PNJ expects that purchasing power will begin to recover from Q3/24 when the industry recovers to help improve consumer income. Revenue in Q1/24 may be lower than the same period last year because January coincides with the lunar New Year and Thần Tài’s outing day. However, revenue will improve in Q2/24.
The growth momentum in 2024 comes from the company’s accumulation of new customers in 2023 and will continue to develop this customer portfolio in the coming year, continuing to increase market share. According to the leadership board, the Northern region is recording better growth than other regions across the country.
