- We maintain our BUY rating for FPT and remain positive about the long-term growth outlook of the company’s key businesses: Global IT, Education and Telecom Services.
- We increase our target price by 1% as we nudge up our aggregate 2023-25F NPAT-MI forecasts by 2% (increases of 0%/2%/2% for our 2023F/24F/25F NPAT-MI projections, respectively) due to our higher earnings projections for the Global IT and Education business.
- Our TP puts FPT's 2023F/24F P/E at 24x/19x, which we believe is justified given the company’s robust and steady earnings outlook. We forecast a 2023-25F EPS CAGR of 24%.  
- Downside risk: Slowdown in global IT spending; fierce competition from integrated telcos that provide both fixed and mobile broadband services.