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PNJ [BUY +33.3%] - Fundamentals will ultimately outshine negative news flow - Update

We update PNJ with a BUY rating. The stock looks attractive with a three-year PEG of 0.8. We curtail our TP by 13% mainly due to a 1.6-ppt increase in WACC and lower peer multiples. NPAT surged 35% in H1 2018 vs H1 2017 largely driven by the high-margin retailing segment. Retail sales jumped 44% in H1 2018 vs H1 2017 on the back of 23% SSSG, 30 new Gold stores and full-year contribution from stores opened in 2017. Results are in line with our expectation.