Analyst Pin-board FPT 8M 2021 Update: Global IT services continue to post positive signals. Domestic services are likely to pick up in Q4-2021
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· 8M-2021 revenue and PBT posted VND 21,842 bn and VND 4,005 bn, up 19% YoY and 20% YoY, accomplishing 63% and 61% of our full-year forecast. · Tech sector revenue grew by 23% YoY to VND 12,476 bn in 8M 2021, while PBT jumped by 30% YoY to VND 1,805 bn on the back of an expanded PBT margin (+75 bps YoY). In which, global IT services led the growth in August (+23% YoY in PBT) given recovering demand from clients in the US (+49% YoY in revenue). At the same time, domestic IT services PBT’s growth rate decelerated to 4% due to strict social distancing. · Pay TV’s profit and investment delays continued to prop up the telecom sector’s 8M-2021 PBT margin (+195 bps YoY), driving PBT to increase by 24% YoY. · PBT from education, investments, and other segments picked up in August ahead of the new school year. · As restrictions are being eased in Vietnam, we expect domestic IT services and the telecom sector to accelerate in Q4-2021, heading toward our 2021 projections. We maintain our forecasts for 2021F/22F, with a NPAT-MI growth rate of 24% YoY/19% YoY. FPT is trading at a forward 2021F/22F P/E of 21.4x/18.0x. We reiterate our ACCUMULATE recommendation with a TP of VND 108,800. |
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.
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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