PNJ [BUY +26.1%] - Growth momentum to continue - Update
  • 2020-02-10T19:23:34
  • Company Research
We reiterate BUY on PNJ as its fashion jewelry business remains in a strong position to capitalize on Vietnam’s rising discretionary spending. We maintain our target price as we nudge up 2020F-2022F NPAT by 0.1%-0.9% owing to softer-than-expected selling expenses, partly offset by a downward revision to store count projections.