FPT – Update – Resilient amid turbulence
Posted: Apr 22, 2025
- 2M25 revenue increased 16% yoy, lower than expectations primarily due to slower growth in IT revenue from the Americas. However, PBT rose 21% yoy, supported by a significant improvement in profit margins.
- At discounted price, FPT remains a top pick thanks to its sustainable earnings growth (20,6% CAGR in 2025–27) amid a volatile economic outlook.
- Reiterate ADD with target price of VND 146.700/share.
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