We re-rate PNJ with a BUY rating and target price of VND 48,500 based on strong growth of the core jewellery retailing business and the DongA Bank debacle appearing not to threaten PNJ’s medium-to-long term prospects. Retailing business 9M15 earnings rose 48% underpinned by strong same-store-sales growth, aggressive network expansion and a fresh campaign to push the PNJ Silver brand.