We reiterate BUY as we believe PNJ’s strong competitive advantages (e.g., top-of-mind brand, extensive retail store network and leading design and manufacturing capabilities) will lead to elevated earnings growth post-2020 — despite risk of a softening in consumer spending. PNJ’s jewelry business is well-positioned to capture the long-term growth of Vietnam’s middle-affluent consumers, partly through its store expansion that continues to have ample headroom — especially in the North