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PNJ - Growth driven by gold jewellery - AGM Note

We attended PNJ 2014 AGM on 29 March 2014. We continue to like PNJ as the stock is trading at undemanding PER of 10.9x FY14 EPS of VND2,742 (+18% yoy). The growth story is coming back and 1QFY14 preliminary pre-tax profits are already up 15% yoy, VND96.5 bn (35% FY14 target). Below we detail the AGM’s main topics. Please refer to our recently published update for more details on our views on the company.