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PNJ - Moving into the fast lane - AGM note

We attended PNJ’s AGM today, April 27, 2017. Shareholders expressed much interest in the upcoming private placement, ramifications of the DongA Bank incident and Q1 2017 results. PNJ’s 2017 guidance looks too conservative at 17% recurring NPAT growth given that Q1 delivered 30% recurring NPAT growth. We forecast 24% recurring NPAT growth for 2017.