Viet Dragon Securities - FPT (FPT) Analyst Pin-board FPT 10M 2021 Business Results Update: Profit growth normalized post lockdown

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Viet Dragon Securities

Son Tran

Analyst Pin-board FPT 10M 2021 Business Results Update: Profit growth normalized post lockdown

FPT posted 10M 2021 business results, in which net sales and PBT grew by 19% YoY and 20% YoY, respectively, to VND 28,215 bn and VND 5,206 bn. These results have accomplished 82%/79% of our full-year revenue/PBT forecasts, which were rather in line with our expectation.
In terms of revenue, the IT sector continued to lead growth, jumping by 25% YoY. The Telecom sector gathered pace following single-digit growth amid social distancing months, posting a 10% YoY growth in October alone and 11% in10M 2021. Education & Investments maintained healthy growth at 24%.
10M 2021 PBT growth of IT/Telecommunications/Education & Investments sectors reached 29% YoY/20% YoY/0% YoY.
We maintain our 2021F/22F forecasts and target price for FPT of VND 108,800, reiterating ACCUMULATE recommendation.

FPT released 10M-2021 business results, in which net sales and PBT grew by 19% YoY and 20% YoY, respectively. While the tech sector results were rather in line with our forecasts, with both 10M 2021 revenue and PBT completing 84% of 2021F, the telecom marginally tracked behind our estimates, accomplishing 77%/78% of our 2021F revenue/PBT for the segment

07/12/2021 8 EN

Underlying

FPT

FPT is providing IT and telecommunication products and services. Co.'s main products and services provided are: software development including software outsourcing; software solutions, software services and ERP services; system integration; informatics services including system management, BPO service, Data Center service etc.; telecommunication services including internet services and value added services; digital content service including online advertising, online games etc.; college, university and postgraduate training services; production, distribution and retails of IT and telecommunication products.

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VN000000FPT1 Hochiminh Stock Exchange Vietnam

Provider

Viet Dragon Securities

Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.

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Analysts

Son Tran

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Analyst Pin-board FPT 10M 2021 Business Results Update: Profit growth normalized post lockdown

FPT Corporation: 1 director

FPT - Q2-2023 AM Note: Maintaining Double-Digit Growth Target Despite Challenging Macro Outlook.

Result Update Report: FPT - Resilient Growth Despite Slowing Down Macros

Reversal

VPB – Expectation of Maintaining Strong Profit Growth in Q3 2024

SIP – Stable growth in leasing and providing industrial park services

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