We reiterate a BUY rating on PNJ, premised on Vietnam’s underpenetrated fashion gold jewelry consumption and PNJ’s dominant competitive position. However, we trim our target price by 13% as we curtail our 2019/2020/2021 NPAT forecasts by 9%/5%/3% as 5M 2019 performance fell short of our expectation, while we raise our universal risk-free rate by 30 bps.