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PNJ - BUY - Young Tiffany - Initiation

With its integrated design, production, and retail operation, Phu Nhuan Jewellery is following the same business model as its more famous competitor Tiffany. The main difference is that PNJ does not command a luxury brandname premium in its selling price or its share price. However, as the company continues to grow to satisfy demand for investment and luxury, we expect its shares to be rerated. We initiate with a Buy and VND41,800 target price.