- FPT hosted its AGM in Hanoi on April 6. The meeting covered a wide range of topics, including the company’s 2023 business guidance and outlook.

- For 2023, FPT guides for PBT growth of 18% YoY, which is the same as our forecast. We note that FPT has a track record of achieving its profit guidance. In 2022, FPT's PBT completed 100% of its target for the year. 

- Preliminary Q1 2023 results: Revenue and PBT both advanced 18% YoY, which are broadly in line with our expectations. Although segment results were not disclosed, we attribute the double-digit Q1 2023 growth to FPT’s three core segments of software outsourcing, education and telecom services. As a result, we currently see no material risk to our forecasts, pending a more extensive review.

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