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PNJ - BUY - Core jewellery business drive solid growth - Update

We upgrade our recommendation for PNJ from OUTPERFORM to BUY with the revised target price of VND41,400 (upside 35%). The company has had outstanding 1H14 results and we believe PNJ will continue to witness solid growth underpinned by its core business improvement, driven by jewellery retail segment’s growth and enhanced GM. At the closing price of VND30,700, PNJ is trading at FY14 P/E of 9.4x on our forecasted FY14 EPS of VND3,254.