- We reiterate our BUY rating for FPT and remain bullish about the long-term growth outlook of the company. We increase our target price (TP) by 36%, which is mainly due to (1) our revision of our target PER (30.0x vs 26.0x previously for global IT, 21.0x vs 17.5x previously for domestic IT, 15.0x vs 14.0x previously for telecom services), (2) rolling our TP horizon forward to mid-2025 and using average 2024F-25F NPAT in our valuation vs 2024F NPAT previously, and (3) raising our aggregate 2024F-26F NPAT-MI forecasts by 4% due to our higher earnings projections for the domestic IT and telecom services segments.

- Our target price puts FPT's 2024F/25F P/E at 30x/23x, respectively, which we believe is justified given the company’s robust earnings outlook and our projected 2023-26F EPS CAGR of 26%.

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