PNJ hit the price I said I would buy at. I still haven't bought.
In July I wrote that I would buy PNJ at 16,000–20,000 dong. The price is there now, but so is less value per share. I redo the maths after dilution.
7 min read
Vietnamese companies
One listed company at a time: the numbers, the governance, and where the thesis could be wrong.
12 articles
PNJ after five limit-down sessions: three questions before I look at the price
PNJ is down 73% from its high, guiding to a 6,271 billion dong loss, and asking to issue 550 million shares. Three questions I ask myself before I look at the price.
8 min read
A stock at 4x earnings: cheap on the numbers, cheap in reality?
4.4 times earnings, below book value, net cash worth 37% of the market cap. Why a cheap number is not yet a cheap stock — one specific case through Graham's margin of safety.
10 min read
Valuing CLX (Cholimex): hidden assets and the margin of safety
The market values all of Cholimex at 1,264 billion dong. Its stakes in two listed companies alone are worth 1,648 billion. Here is the arithmetic, and here is why it could be wrong.
7 min read
If I were PNJ's CEO
11 min read
PNJ: three new developments, and a governance question nobody wants to ask directly
An update on PNJ: the family tie at the top of P-Lab, the special oversight team, and a session that traded 20 million shares — read through a value investing lens.
5 min read
PNJ and the cash register test: where does a value investor go when Mr Market panics?
The P-Lab affair and PNJ's limit-down sessions, read the way Buffett read American Express in 1963 — the cash register test, and how to read insider buying.
6 min read