Excluding the one-off-gain from the divestment of Saigon Fuel Co. (SFC) in 3Q, PNJ’s 9M14 NPAT rose +53% YoY driven by remarkable growth in its core retail jewelry business which posted a 34% YoY increase in sales. PNJ opened 10 new gold jewelry stores in the last 9M bringing the total store count to 177. Given this fact, we assume new stores accounted for less than 10% of growth while same-store sales delivered the rest. We reiterate our target price of VND41,400.