PNJ – Update – 20181023

• PNJ reported robust 9MFY18 business results with topline rising by % yoy and bottom-line growing by 37.8% yoy. These results were slightly above our forecasts mainly due to GPM expansion in jewelry segment and higher jewelry contribution to revenue both surpassing our expectations.
• During 3Q, the company opened 44 new stores and closed 5 old stores, bringing the total store count up by 39 stores to 308 stores in total as of end3QFY18.
• Reiterate ADD, as YTD earnings are tracking our full-year projections. We will revisit our valuation and release an update report soon.

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