On May 14, T. Rowe Price Associates purchased nearly 1.24 million PNJ shares, increasing its ownership from 4.81% to 5.18%, equivalent to over 17.5 million shares. With the closing price of 86,000 VND/share during this session, the deal value is estimated at VND 106 billion.
Previously, on May 8, Dragon Capital sold 100,000 PNJ shares, reducing its ownership from 5.03% to 4.9972%, thereby ceasing to be a major shareholder of this jewelry retailer.
| PNJ share price movement from the beginning of 2024 to May 20, 2025 |
The contrasting moves of the two investment funds took place against the backdrop of a strong rebound in PNJ share prices since April 9. As of May 14, the code increased by nearly 37%, returning to the 86,000 VND/share mark.
T. Rowe Price Associates is a global investment management firm headquartered in Baltimore, Maryland (USA), specializing in asset management for individuals, organizations, and professional investors. Founded in 1937 by Thomas Rowe Price Jr. – regarded as the “father” of growth stock investing, the fund is renowned for its “buy-and-hold” investment philosophy based on fundamental analysis.
In 2025, amid a challenging macroeconomic environment, scarce gold raw materials, and declining consumer demand, PNJ targets revenue of over VND 31,600 billion and profit after tax of nearly VND 1,960 billion, down 17% and 7%, respectively, compared to 2024.
At the 2025 Annual General Meeting of Shareholders, Mr. Le Tri Thong, CEO of PNJ, shared: “Since 2024, gold prices have risen rapidly, beyond the predictions of analysts. Many people think that PNJ benefits from this, but in fact, gold is a raw material for jewelry manufacturing, so the price increase puts significant pressure on the business.”
Mr. Thong further explained that soaring gold prices cause a rapid increase in jewelry prices while consumers’ income does not improve accordingly, leading to reduced purchasing power. Additionally, the mentality of holding gold when prices surge results in a shortage of supply in the market. The regulations on customer verification in gold transactions also somewhat affect market liquidity.
| PNJ’s financial results for Q1 over the years |
In terms of financial results, in Q1/2025, PNJ recorded a gross revenue of over VND 9,635 billion and profit after tax of nearly VND 678 billion, down 23% and 8%, respectively, compared to the same period last year. Compared to the yearly plan, the company achieved approximately 30% of the revenue target and 35% of the profit target.
– 09:01 21/05/2025
The Foreign Shareholder Becomes a Major Stakeholder in PNJ
“T. Rowe Price Associates, Inc., a prominent foreign shareholder, has successfully acquired nearly 1.24 million PNJ shares. This strategic move has increased their ownership stake to 5.18%, solidifying their position as a major shareholder in PNJ. With this substantial investment, T. Rowe Price Associates, Inc. is now a pivotal player in the company’s future trajectory.”
“Dragon Capital Divests from DGC: A Strategic Move by the Investment Firm”
Dragon Capital, a prominent foreign investment fund, has recently offloaded 250,000 DGC shares, reducing its stake in Duc Giang Chemicals to 6.96% from 7.028%.
The Power of Selling: Dominating the Investment Fund Game
“During the week of May 12-16, 2025, investment funds predominantly sold off as the market rebounded to pre-tariff announcement levels. “
Gold Prices Plummet This Week as SPDR Gold Trust Dumps 20 Tons
This week, gold prices tumbled, shedding 122 USD/oz, a decline of nearly 3.7%. This marked the most significant weekly drop since November of last year, sparking attention from investors and market observers alike.
The Great Gold Rush: When Tensions Unravel
On May 14, the price of gold took a steep dive, plummeting below the $3,200 per ounce mark.
