FPT – 5M-2023 Results Update
- 5M-2023 revenue reached VND 20 trillion (+23% YoY) while NPAT-MI amounted to VND 2.5 trillion (+20% YoY), fulfilling 38% and 40% of our full-year forecasts respectively.
- Global IT services have not yet witnessed any signs of deceleration, growing by 32% YoY in revenue and by 29% YoY in EBT. This result was mainly due to the superiority of the Japanese market (+41% YoY) and APAC (+50% YoY), which offset the deceleration of the US market (+15% YoY).
- The Telecom sector and domestic IT services segments faced a challenging business landscape, recording EBT growth of 6% YoY and -61% YoY respectively.
- We maintain the TP for FPT at VND83,400, equivalent to an expected return (including cash dividends) of 14%. Given that FPT has rallied 11% since the last recommendation, we downgrade our recommendation to ACCUMULATE.
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