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PNJ [BUY +22.1%] - Growth showing no signs of slowing down - Update

We reiterate our BUY rating on PNJ with 22% total stock return as we increase our TP by 12% thanks to a 16% upward revision in 2017F NPAT. Valuation looks appealing with a forecast three-year core PEG of 0.6. We ratchet up our 2017 NPAT forecast by 16% as we raise our 2017 SSSG assumption to 23% vs 15% previously, and expand retail segment’s FY17F GPM by one percentage point to 30.1%. Both unconsolidated revenue and recurring NPAT jumped 36% in 4M 2017 vs 4M 2016 (+34% and +30% in Q1 201