We attended PNJ’s AGM on April 20, 2019. Management reaffirmed that jewelry retailing will remain PNJ’s primary growth driver in the foreseeable future. PNJ targets 23% NPAT growth in 2019 backed by a 29% jump in gold jewelry retail sales, which, in turn, will be driven by 18% SSSG and 40 new Gold stores. PNJ delivered stellar Q1 2019 results with reported NPAT jumping 28% YoY.