PNJ delivered a stellar quarter in Q1 2019 with NPAT jumping 28% YoY on a reported basis and 30% YoY on an underlying basis, largely driven by the high-margin jewelry retail segment. These results are broadly in line with our expectation; therefore, we expect non-material changes to our current forecasts. We reiterate a BUY recommendation on PNJ on the back of its compelling three-year PEG of 0.6, based on our forecasts, at today’s closing price.