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PNJ - Retailing segment bolsters 33% recurring EPS growth - Earnings Flash

2017 NPAT reached VND725 billion (USD32 million), surging 41% vs 2016 on a recurring basis and 61% on a reported basis. 2017 NPAT trails our forecast by 5% mainly due to lower-than-expected retailing revenue and GPM. However, we maintain our bullish view on PNJ’s earnings outlook driven by its fast-track store expansion.