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PNJ - OUTPERFORM - Core Business Does Well - Update

We upgrade PNJ to OUTPERFORM even though the share price increased 12% since our last report. We revised our target price from VND31,400 to VND34,800 as we believe a combination of DCF (50%) and PER (50%) valuation methodology is a better way to value the company than plain DCF. We believe that PNJ will continue to realize good growth on the back of improving same store sales, store expansion and improving gross margins. Although there is a risk that consolidating Saigon Fuel Corporation (SFC) w