A director at FPT Corporation sold 2,000,000 shares at 0.000VND and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...
FPT maintains the target of 2023, implying that revenue and PBT will grow by 18.8% YoY and 18.3% YoY respectively in 2H-2023, despite the challenging macro environment both globally and domestically. Global IT services: IT spending in Japan is accelerating, underpinning the steady growth momentum of the segment, despite some signs of weakness in the US market. Domestic IT services: Challenges remain ahead. Telecom sector: Broadband service growth slows due to structural changes.
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 ...
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 an...
8M-2022 Revenue reached VND 27 trillion (+24% YoY) while NPAT-MI amounted to VND 3.4 trillion (+30% YoY), respectively fulfilling 63% and 57% of our full-year forecasts. Earnings results trailed behind our forecasts mostly due to softer-than-expected Education and Investments segment’ profit, while Technology and Telecom segments’ earnings are in line with our expectations, respectively fulfilling 63% and 66% of our full-year estimates. Technology segment continues to lead the growth with re...
“Q1-2022 results are generally in line with our expectations and confirm our positive view on FPT earnings prospects as long-term drivers remain intact. The company’s IT services segment will continue to benefit from the systematic trend of digital adoption, both globally and domestically, in the long-term, spearheading the Group’s earnings outlook with a high projected PBT’s 3Y CAGR of 26% over 2022F-25F. Over the same period, growing subscription of Pay TV and ramped up DC’s capacity, amid ste...
We remain positive on Vietnam equities in the long term due to the following structural catalysts: better domestic demand, companies’ earnings prospect, economic activities and FDI inflows on the back of broader economic reopening and fiscal stimulus package disbursement. These factors will provide an efficient buffer against higher, albeit in control, inflation and external risks namely geopolitical uncertainties and slowing global growth. We also see upside potential from the perspective of...
· 2021 revenue and PBT respectively posted VND 35.7 trillion (+19.5% YoY) and VND 6.3 trillion (+20.4% YoY), accomplishing 100% and 97% of our full-year forecast. · Tech sector revenue grew by 23% YoY to VND 20.7 trillion, while PBT jumped by 25% YoY to VND 2.8 trillion. In which, global IT services recorded a jump of +21%YoY/+23% YoY in Revenue/PBT, largely fueled by robust DX demand (+72% YoY in revenue) and US market (+52% YoY in revenue). At the same time, domestic I...
FPT posted 10M 2021 business results with net sales and PBT growing by 19% yoy and 20% yoy, respectively, to VND28,215bn and VND5,206bn. These results have accomplished 82%/79% of our full-year revenue/PBT forecasts, which were in line with our expectation. In terms of revenue, the IT sector continued to lead growth, jumping by 25% yoy. The telecom sector gathered pace following single-digit growth amid social distancing, posting a 10% yoy growth in October alone and 11% in 10M 2021. Educati...
FPT posted 10M 2021 business results, in which net sales and PBT grew by 19% YoY and 20% YoY, respectively, to VND 28,215 bn and VND 5,206 bn. These results have accomplished 82%/79% of our full-year revenue/PBT forecasts, which were rather in line with our expectation. In terms of revenue, the IT sector continued to lead growth, jumping by 25% YoY. The Telecom sector gathered pace following single-digit growth amid social distancing months, posting a 10% YoY growth in October alone ...
· 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 (...
· 8M-2021 revenue and PBT posted VND 21,842 bn and VND 4,005 bn, up 19% YoY and 20% YoY, accomplishing 63% and 61% of our full-year forecast. · Tech sector revenue grew by 23% YoY to VND 12,476 bn in 8M 2021, while PBT jumped by 30% YoY to VND 1,805 bn on the back of an expanded PBT margin (+75 bps YoY). In which, global IT services led the growth in August (+23% YoY in PBT) given recovering demand from clients in the US (+49% YoY in revenue). At the same time, domestic ...
The outperformance of smaller market cap stocks compared with the returns on VN Index in July was generally in line with our expectations. As such, reducing the weight on our recommendations on some large cap stocks in steel and banking sectors, namely HPG, VCB, ACB, in the last month has helped lessen the impact of the market downturn among our coverage. Overall, 10 out of our 11 Buy recommendations have outperformed the VN Index in the last month. Robust Q2 21 earnings growth and the market...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
This first quarter of 2021 was a mixed bag for Indonesian telcos. On one hand both top line and EBITDA trends slowed down, impacted by competition. On the other hand, OpFCF generation is improving as EBITDA margins and capex/sales keep improving.
FPT posted 5M 2021 revenue of VND13.3tn (+18.6% yoy) and PBT at VND2.4tn (+21.8% yoy), slightly below our expectations by completing 36%/40%, respectively, of the corresponding forecasts due to lower-than-expected global IT services performance. Global IT services revenue continued its high growth seen in April with an 18% yoy rise in May, accelerating from a moderate 10% yoy level in Q1 21 due to the underperformance of the Japanese market. Domestic IT services continued to witness robust g...
HANOI, Vietnam--(BUSINESS WIRE)-- La première entreprise de technologie du Vietnam, FPT, a fixé à 209 millions de dollars le chiffre d'affaires de la transformation numérique sur les marchés étrangers en 2021, soit une hausse spectaculaire de 50 % par rapport à l'année dernière. L'objectif a été annoncé lors de l'assemblée annuelle des actionnaires de FPT pour l'exercice 2021, organisée virtuellement jeudi. Ce communiqué de presse contient des éléments multimédias. Voir le communiqué complet ici : FPT’s virtual annual share holders’ meeting 2021 (Photo: Business Wire) En dépit des défis posés ...
HANOI, Vietnam--(BUSINESS WIRE)-- Vietnam's leading tech firm FPT has set digital transformation revenue from overseas markets to hit $209 million in 2021, a whopping increase of 50% on year. The target was announced at FPT's annual share holders' meeting 2021, hosted virtually on Thursday. This press release features multimedia. View the full release here: FPT’s virtual annual share holders’ meeting 2021 (Photo: Business Wire) Despite the challenges of the COVID-19 pandemic, FPT remains optimistic about its outlook. In 2021, the company hopes to lead Vietnam's digital transformation with a "...
FPT’s revenue grew by 6%, amounting to VND7,553bn, while NPAT went flat at VND929bn in Q3 20. Accumulated 9M 20 PBT was generally in line with our estimate, reaching VND3,814bn (+9% yoy) and completing 75% of our full-year forecast. The impact of Covid-19 was more clearly felt in Q3 20. However, we expect profit growth in the following quarters to recover from the low in Q3 20 since the robust jump in signed revenue of the Technology segment — a key profit driver — has signaled the pick up i...
Vietnam's stock market increased sharply in August and became one of the best markets in the world as the VNIndex increased by 10.4% m/m. Looking back on the last few sessions of August, we notice that liquidity was rising in the last part of the month. This was different from the sudden liquidity rises in June and July the when market corrected at that time. By contrast, we found out that when the liquidity and the market are in the same direction, the market trend usually is maintained in t...
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