FPT released preliminary Q1 2021 results with revenue of VND7.6tn (USD326mn; +14% YoY) and NPAT-MI of VND906bn (USD39mn; +22% YoY). Q1 2021 results were mainly underpinned three core businesses: Software Outsourcing (SO), Telecom Services and Education. Notably, the combined new contract value of the SO and Domestic IT segments jumped 46% YoY in Q1 2021, indicating a bright growth outlook for these segments. Overall, these results are broadly in line with our expectations.