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PNJ [BUY +26.9%] - Pulling ahead with the retailing segment - Update

We resume our coverage on PNJ with a BUY rating on the back of its bright earnings growth prospects driven by rapid store openings in its retailing segment, while all its non-core issues have been cleaned up. These factors have fueled a 70% rally in share price this year, however, we believe PNJ’s 11.9x FY17 P/E remains attractive against its growth profile.