PNJ – We maintain our target price and HOLD recommendation for now.

■ PNJ’s store network is still growing rapidly, resulting in 39% growth in retail revenue in 2017.
■ 2017 results were impressive with 61% growth in reported NPAT and 38% growth in recurring NPAT
■ 2018 promises to be another great year for PNJ.
■ PNJ remains our top pick to bet on Vietnam’s retail story.