We attended FPT's online analyst meeting, which covered a wide range of topics on the company’s core businesses. Overall, the meeting reinforces our optimism on the company, especially its strengthening technological and consulting capabilities in the IT business as well as a potential recovery in global IT spending. Software outsourcing (SO) revenue growth to return to a 20%-25% range in 2021, backed by a recovery in global IT spending and rising digital transformation (DX)