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PNJ [NR] - DongA Bank casts shadow but fundamentals remain strong - Update

Despite stellar 1H15 performance, we suspend our rating on PNJ for the time being as DongA Bank being put under SBV’s special supervision poses downside risks to near-term earnings (refer to two scenarios below). Core business remains solid: 1H15 earnings rose 44% mainly driven by +45% gold jewellery retail sales growth and despite continuing weakness in gold bar sales.