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PNJ [NR] - DongA Bank casts shadow but fundamentals remain strong - Update

Company Research

20 Aug 2015

Despite stellar 1H15 performance, we suspend our rating on PNJ for the time being as DongA Bank being put under SBV’s special supervision poses downside risks to near-term earnings (refer to two scenarios below). Core business remains solid: 1H15 earnings rose 44% mainly driven by +45% gold jewellery retail sales growth and despite continuing weakness in gold bar sales.
Tags: PNJ

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