- We raise our target price (TP) for FRT by 10% to VND211,900 and reiterate our BUY  rating. 

- Our higher TP is driven by our (1) 7%-increase in our aggregate 2024F-33F EBIT for Long Chau (LC) and (2) rolling our TP horizon forward to mid-2025.

- Our higher forecast for LC is mostly due to increasing 2024F-26F aggregate sales by 7% as we raise our SSSG assumption for LC’s pharmacy in these years by 20 bps to 10% to reflect better-than-expected average sales/store from Q3 2023 to Q1 2024 despite massive store expansion.

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