We reiterate BUY as we believe PNJ will deliver strong earnings growth thanks to rising demand for fashion jewelry in Vietnam and the company’s strengthened leadership position after smaller competitors struggled due to COVID-19. We raise our target price by 21% thanks to (1) a 7% increase in our aggregate 2021F-2023F NPAT as we revise up our retail sales forecasts, (2) 50-bps decrease in our house cost of equity to 12.5% and (3) rollover of our TP to mid-2022 vs YE2021 previously.