We downgrade our rating from BUY to OUTPERFORM mainly due to a 33% surge in FPT’s share price over the past three months. That said, we remain positive on FPT's business outlook that is premised on its IT Service, Telecom Service and Education segments. We raise our target price (TP) by 21% as we lift our aggregate 2021F-2023F NPAT-MI by 3% — mostly attributed to the Domestic IT and Telecom Service segments — and raise our target PERs for the IT Service business (page 6) given a valuation