FPT released preliminary 2020 revenue of VND29.8tn (USD1.3bn; +8% YoY) and NPAT-MI of VND3.5tn (USD153mn; +13% YoY) — the latter beating our forecast by 2%. 2020 results were primarily driven by three core businesses: Software Outsourcing (SO), Telecom Services and Education. These results imply a 30% YoY jump in Q4 2020’s NPAT-MI vs 7% YoY in 9M 2020, which we attribute partly to SO’s stepped-up revenue growth and low Q4 2019 profit base.