·         2021 revenue and PBT respectively posted VND 35.7 trillion (+19.5% YoY) and VND 6.3 trillion (+20.4% YoY), accomplishing 100% and 97% of our full-year forecast.

·         Tech sector revenue grew by 23% YoY to VND 20.7 trillion, while PBT jumped by 25% YoY to VND 2.8 trillion. In which, global IT services recorded a jump of +21%YoY/+23% YoY in Revenue/PBT, largely fueled by robust DX demand (+72% YoY in revenue) and US market (+52% YoY in revenue). At the same time, domestic IT services PBT’s growth rate increased by 29% YoY/34% YoY in Revenue/PBT, slightly decelerated compared to 9M 2021 figures, driven by large contracts with corporates in Banking, Real estate, Manufacturing and Government sectors. Additionally, IT services segment experienced a record high in signed revenue in 2021.

·         Telecom sector’s PBT grew by 17% YoY, ahead of revenue’s growth rate of 11% YoY, mainly on the back of ballooning Pay TV’s profit (10x last year’s level) and improved margin of online advertising while broadband segment’s PBT margin was flat. 2021 Internet and Pay TV subscribers increased by 15% and 10%, respectively. 

·         Education sector has seen revenue growing strongly at 43% YoY, in line with the growth rate of full-time equivalent students in 2021 mainly due to increasing demand for IT programs. However, PBT growth rate lagged at 20% YoY as FPT recorded losses from some of their newly invested start-ups.

·         FPT shared guidance for 2022 with revenue/PBT jumping by 19% YoY/20% YoY vs our current forecasts for 2022F: revenue/PBT of VND 44 trillion (+23% YoY)/VND 8.2 trillion (+29% YoY). Current TP of of VND 118,400 are under review.