- We reiterate our BUY rating for FPT and remain bullish about the long-term growth outlook of the company’s key businesses: Global IT, Education, and Telecom Services.

- We broadly maintain our target price (TP) as our target equity value for 2024F is relatively unchanged compared to previous forecasts. Nevertheless, we increased our aggregate 2024F-26F NPAT-MI forecasts by 6% (increases of 4%/6%/7% for our 2024F/25F/26F NPAT-MI projections, respectively) due to our higher earnings projections for the Global IT business.

- Our target price puts FPT's 2024F/25F P/E at 22x/17x, which we believe is justified given the company’s robust and steady earnings outlook. We forecast a 2023-26F EPS CAGR of 25%.

Powered by Froala Editor