Viet Dragon Securities - FPT (FPT) Analyst Pin-board FPT – 9M 2021 Business Results Update

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Viet Dragon Securities

Son Tran

Analyst Pin-board FPT – 9M 2021 Business Results Update

· FPT posted Q3-2021 business results, in which net sales and PBT grew by 16% YoY and 20% YoY, respectively, to VND 8,725 bn and VND 1,639 bn. In terms of revenue, the IT sector (+24% YoY) continued to lead growth, compensating the deceleration of the Telecom sector (+8% YoY) and Education & Investment (-15% YoY). Meanwhile, PBT growth of IT/Telecommunications/Education & Investment reached 24% YoY/12% YoY/18% YoY.

· 9M-2021 net revenue and NPAT-MI posted VND 24,953 bn (+18% YoY) and VND 3,031 bn (+19% YoY), accomplishing 72% and 69% of our full-year forecast. Profit results trailed our forecasts mainly due to losses derived from newly invested businesses.

· Our current 2021F/22F forecasts and target price for FPT of VND 108,800 are under review.

26/10/2021 7 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 – 9M 2021 Business Results Update

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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