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PNJ - OUTPERFORM - Aggressive expansion in gold jewellery retailing to fuel growth for FY15 - Update

At its AGM today, PNJ guided for another good year in FY15 with EPS growing 26% vs. FY14 (+40% vs. FY14 on a normalized basis). Given aggressive FY15 guidance, we upwardly revised our FY15 EPS by 9.7% to VND4,122 (+ 28.5% vs. FY14) from VND3,757 and increase our target price to VND52,600 from VND47,000. Approved FY14 cash dividend of VND1,500/share (yield ~ 3.1%) and 30% bonus shares. PNJ is currently trading at FY15E PER of 11.6x VCSC’s EPS of VND4,122 (+28.5% vs. FY14).