PNJ [OUTPERFORM +18.5%] - Earnings to decline on weaker middle-affluent spending

- We cut our target price (TP) for PNJ by 7% and maintain our OUTPERFORM rating. Our lower TP is due to a 9% cut in PNJ’s aggregate 2023-2025F NPAT (respective 13%/4%/9% cuts for 2023/24/25F), which is mainly due to our 11% lower aggregate revenue forecas