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PNJ - 2012 results in line with forecast - Earnings Flash

PNJ came out with its 4Q results today. Sales and earnings were close to our forecast for 2012. 4Q earnings dropped 50% yoy due to big drop in gold trading revenue. Full year earnings were down 3% yoy. PNJ is now trading at an undemanding FY12 PER of 9x. We like the results and maintain our current BUY rating and target price of VND46,300.