Result Update Report: FPT - Resilient Growth Despite Slowing Down Macros
We reiterate BUY recommendation on FPT, with a TP of VND 95,900 (implied 2023F/24F P/E of 16.7x/13.3x), as the projected 3Y CAGR of net profit over 2023F-26F of 23% suggests that current 2023F PER of 13.9x is highly attractive. We believe the Global IT services, the main growth engine of the Group, will be delivering sustainable double-digit growth going three to five years forward given that FPT shows commitment to further enhance near-shore delivery capabilities in the US and EU via acquiring DX consulting firms (deal size around USD 30-50 mn for 2023).
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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