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PNJ - BUY - Gold bar sales drop clouds otherwise strong core jewelry retail business - Update

We lower our target price to VND47,000 (upside 25.3%) from VND51,500 while maintaining our BUY rating as 4Q14 results come in slightly lower-than-expected. We cut our FY15 EPS forecast from VND4,130 to VND3,754 largely due to the lower actual 2014 EPS figure. Although standalone 4Q14 PAT declined 24% vs. 4Q13 due to the reversal of provisions for SFC divestment in FY13, core business continued to post robust growth with gold retailing sales increasing by 42% vs. 2013.