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PNJ [Downgrade MP +4.2%] - Impressive 1Q results priced in, valuation fair

Downgrade to MARKET PERFORM, reiterate TP of VND 52,600. PNJ is trading at all time high trailing PER of 15.6x and forward PER of 12.6x VCSC FY15E estimates. We think these valuations are fair. 1Q15 earnings rose 46% vs. 1Q14 attributed to stellar performance from gold jewellery retailing segment. Same store sales rose 30%. PNJ opened 25 new stores since beginning of 3Q14 bringing store count to 176 by end of 1Q15.