We downgrade our rating for FPT from BUY to OUTPERFORM despite nudging up our target price (TP) by 5% as the company’s share price has rallied 36% over the past three months. We lift our TP by 5% thanks to a 4% increase in our aggregate 2021F-2023F NPAT-MI as we raise our projections for Software Outsourcing (SO), Education and Domestic IT segments. Our previous forecasts did not fully capture the bright outlook of these segments, in our view.