FPT – Financial Performance Update 5M-2024 and Projections Update for 2024F
- 5M-2024 Business update. FPT reported a revenue of VND 23.9 trillion for 5M-2025, marking a 20% YoY increase. Net profit reached VND 3.1 trillion, reflecting a 21% YoY growth. These figures represent 38% and 39% of our full-year 2024 projections of VND 63.1 trillion in revenue (20% growth) and VND 7.8 trillion in net profit (21% growth).
- Forecast adjustments for 2024F. Given the financial results of the first five months, we have revised our assumptions and increased our forecasted net profit for 2024F by 1% to VND 7.9 trillion, a 21.5% YoY growth.
- Valuation and recommendation. Using a sum-of-the-parts valuation method, we estimate FPT's fair value at VND 142,400 per share, implying a total expected return of 9% (including a cash dividend of VND 2,000). We recommend ACCUMULATING FPT. Despite the rapid valuation increase potentially limiting short-term upside, we remain confident in FPT’s robust and stable profit growth prospects, supporting a long-term positive trend for its stock price
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