We reiterate our BUY rating on PNJ with 26% total return while increasing our TP by 4% mainly on a higher target peer-based PER and higher TTM EPS. Q1 2017 results reinforce our optimism on PNJ as revenue and estimated recurring NPAT jumped 34% and 30%, respectively, vs Q1 2016. This was mainly driven by the jewelry retail segment, which is the mainstay of PNJ’s profits. Retail revenue surged 44% in Q1 2017 on 25% SSSG, four new PNJ Gold stores and full contributions from stores opened