We reiterate BUY as we believe PNJ will deliver a strong earnings recovery post-2020 as its leadership position has strengthened after smaller competitors struggled due to COVID-19. We lift our target price by 17% as (1) we raise our aggregate 2021F-2023F NPAT-MI by 5% thanks to higher retail GPM projections, (2) our house cost of equity decreases by 1.2 ppts to 13.0% and (3) we roll over our TP to YE2021. These factors are partly offset as we factor in the dilution impact of annual ESOP