We reiterate our BUY rating on PNJ, which, in our view, is one of the best ways to capitalize on Vietnam’s fast-growing middle-affluent class. We keep our TP unchanged as we revise our 2019/2020/2021 NPAT forecasts by +7%/+5%/0% while factoring in a 1% dilution for the upcoming ESOP issuance. In Q1 2019, NPAT soared 35% YoY on an underlying basis, driven by ~3.2-ppt expansion in jewelry retail GPM and 27% jewelry retail sales growth, per PNJ’s estimate.