Viet Dragon Securities - FPT (FPT) FPT – Q4-2022 Profit Unexpectedly Decelerated But The 2023 Growth Outlook Remains Intact

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Viet Dragon Securities

Tung Do

FPT – Q4-2022 Profit Unexpectedly Decelerated But The 2023 Growth Outlook Remains Intact

Q4-2022 revenue reached VND 13 trillion (+22% YoY), mainly driven by Technology and Education & other investments segments. However, NPAT inched up by only 4% YoY, reaching VND 1.4 trillion, due to a contracted PBT margin in key segments after the Group recorded high operating expenses (bonus expenses, provision expenses and FX losses) and gains from joint ventures was down by 64% YoY.
2022 Revenue and NPAT recorded growth of 23% YoY and 22% YoY, respectively. For 2023, FPT targets revenue and EBT growth of 19% YoY and 18% YoY respectively. Currently, We forecast that 2023F revenue/PBT will grow by 18% YoY/22% YoY.
Current TP is VND 100,500, offering a total expected return of 28% (as of March 2nd, 2023), equivalent to a 2023F/24F P.E of 16.8x/13.7x.

02/03/2023 6 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.

RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”

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Analysts

Tung Do

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FPT – Q4-2022 Profit Unexpectedly Decelerated But The 2023 Growth Outlook Remains Intact

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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