We maintain our BUY rating for FPT as we remain bullish about the bright growth outlook of the company’s key businesses: IT Services, Education and Telecom Services.

We raise our target price (TP) by 4% as we increase our aggregate 2022F-2024F NPAT-MI by 3%, which is mainly driven by our higher NPAT projection for Telecom Services and Education.

Our TP puts FPT's 2022F/2023F P/E at 26x/20x, which we believe is justified given its bright earnings outlook. We forecast a 2021-2024F EPS CAGR of 25%.