Viet Dragon Securities - FPT –Q3-2023 Result Update: Education and investment sector beat expectations, bolstering the groups profits growth momentum

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Viet Dragon Securities

Tung Do

FPT –Q3-2023 Result Update: Education and investment sector beat expectations, bolstering the group's profits growth momentum

Q3-2023 revenue grew by 23% YoY, of which, the IT sector jumped by 30% YoY, the Telecom sector increased by 7% YoY, and the Education and Investment sector increased by 55% YoY. PBT of the IT/Telecom/Education and investment sectors increased by 11% YoY/8% YoY/77% YoY, thereby bringing the group's PBT up by 20% YoY.
Cumulatively in 9M-2023, FPT's revenue and PBT grew by 22% YoY and 19% YoY, respectively. Overall, this result was in line with our previous expectations with actual PBT fulfilling 75% of our full-year forecast.
For 2023F, we slightly adjusted the NPAT forecast to VND 6,350 billion (+20% YoY) to reflect the better-than-expected developments in the Education and Investment sector. For 2024F, the PAT forecast remains unchanged at VND 7,759 billion (+24% YoY). EPS for 2023F/24F is 5,000 VND/6,250 VND respectively.
We roll our valuation forward to 2024F and raise TP to 109,300 VND, corresponding to a total expected return including cash dividends of 20%. Recommended BUY on FPT

18/10/2023 8 EN

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Viet Dragon Securities

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Analysts

Tung Do

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FPT –Q3-2023 Result Update: Education and investment sector beat expectations, bolstering the group's profits growth momentum

AWAITING THE BREAKOUT

Vietnam chilled-fresh meat market – Significant long-term potential but difficult to realize in

The decline has not come to a halt

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