We reiterate BUY as we believe PNJ will deliver strong earnings growth post-2020 thanks to robust demand for fashion jewelry and the company’s strengthened leadership position after smaller competitors struggled due to COVID-19. We increase our target price by 4% as we raise our aggregate 2022F-2025F NPAT by 2% thanks to better-than-expected retail GPM; however, we trim our 2021F NPAT by 3% due to the recent third wave of COVID-19 in Vietnam and expenses related to potential store upgrades.