PNJ delivered another strong quarter in Q4 2018 with NPAT jumping 20% vs Q4 2017. For full-year 2018, the company recorded 32% NPAT growth vs 2017 mainly driven by the jewelry retail segment. These results are broadly in line with our expectation. As such, we do not anticipate material changes to our current forecasts and target price. We reiterate our BUY rating on PNJ.