We attended PNJ’s AGM on April 21. Management reassured shareholders the arrests at DongA Bank will have no repercussions on PNJ. Management was also upbeat on PNJ’s growth outlook. PNJ targets 22% NPAT growth in 2018 driven by 29% retail sales growth. The firm is on track to beat this guidance as NPAT surged 35% YoY in Q1 2018, driven by a 45% jump in retail sales. Shareholders approved a 1-for-2 share split (execution in Q2 2018) and 3% ESOP with an exercise price of VND30,000