FPT - Resilient 9m-2022 Business Results Amid Headwinds From Global Macro Economy
In Q3-2022, FPT achieved net revenue and NPAT-MI of VND 11,149 billion (+28% YoY) and VND 1,454 billion (+29% YoY), respectively. Accumulative 9M-2022, FPT recorded net revenue and NPAT-MI of VND 30,975 billion (+24% YoY) and VND 3,943 billion (+30% YoY), respectively. These results are slightly lower than our expectations.
Global IT services maintained revenue and EBT growth at double-digit rates of 30% YoY and 28% YoY respectively.
- Notably, revenue growth from the Japanese market in Q3-2022 started to accelerate to 19% YoY despite the JPY depreciating about 18.5% YoY, implying a jump of 40% YoY of products delivery in Q3-2022 compared to a growth of over 20% YoY in the first half of the year. In addition, revenue growth from other markets remained high: US +33% YoY, EU +22% YoY and APAC +58% YoY. Excluding exchange rate factor, 9M-2022 accumulated revenue of Japan market up 27% YoY, EU up 10% YoY.
- However, revenue from digital transformation (DX) services decreased by 1% YoY in Q3-2022. This is due to (1) the decline in demand from NFT game customers, leading to negative growth in services revenue using Blockchain technology and (2) the high comparative base of the same period last year. On the other hand, Cloud services recorded rapid cumulative growth of 54% YoY. FPT maintains DX services’ full- year growth target of 35-40% (9M-2022 +34% YoY).
Newly signed revenue has started to decelerate slightly, growing by 15% YoY in Q3-2022, compared to 40% YoY in 1H-2022. In particular, customers in the US have recently shown signs of delaying the progress of IT spending due to the macro headwinds. In contrast, signed revenue in Japanese market has picked up with an increase of 50% YoY over the last two months
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