We reiterate a BUY rating on PNJ premised on Vietnam’s underpenetrated fashion gold jewelry consumption along with PNJ’s dominant competitive position. However, we cut our TP by 6% as 3%/11%/13% downward revisions to 2019F/2020F/2021F NPAT are partly offset by our rollover of the DCF period from YE2018 to mid-2019.