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PNJ [OUTPERFORM +15.8%] - Riding on consumer appetite for fashion gold jewelry - Update Report

We update on PNJ with an OUTPERFORM rating and a total stock return of 16%. We increased our target price by 24% mainly because we revised up 2018F NPAT by 6% while raising our target 2018 PER by 16% to 25x, while it was partly offset by a 3% ESOP issuance. Our 2018 NPAT revision was primarily driven by stronger-than-expected SSSG and margin expansion in the retailing segment, which is in turn aided by a better product mix.