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Tóm tắt:
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PNJ’s historic growth record is excellent: its four year CAGR of sales and net profit is 66% and 64% respectively; while for the coming five years we are estimating 17% and 22%. However, it would be better for PNJ if the gold bull market subsides: its input prices rise with gold, and this is difficult to fully pass on and slows jewellery demand. Hence in 2010, net profits were flat despite sales being up 34%.
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