* We attended PNJ’s analyst meeting on October 25, during which management shared upbeat 9M 2022 results and discussed its business outlook. Our key takeaways from the meeting reinforce our conviction in PNJ’s robust earnings growth outlook for 2022 and resilient earnings growth post-2022 that is backed by its middle-affluent customer base, dominant market position and extensive growth headroom outside of HCMC.

* Management has not seen any major impact from inflationary pressure on PNJ’s business in Q3 2022 results. In addition, the earnings results up to October 20 remains spectacular, according to management. However, management believes PNJ’s 2023 earnings will encounter macroeconomic uncertainties, including but not limited to the reverse wealth effect caused by recent woes in capital markets.

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