- 9M 2023: Net sales were VND23.2tn (USD945mn; +7% YoY) and net loss was VND245bn (USD10mn; vs 9M 2022 NPAT-MI of VND296bn), fulfilling 73% and 92% of our respective full-year forecasts. Electronics chain FPT Shop’s results are in line with our expectations, whereas pharmacy chain Long Chau’s track ahead of our full-year forecast. We see potential upside to our full-year forecast, pending a more extensive review. Based on our estimates, FPT Shop had a net loss of VND387bn (USD16mn), which was partly offset by Long Chau’s (LC) NPAT-MI of VND142bn (USD6mn).

- Q3 2023: FRT’s net revenue increased by 15% QoQ, which mainly benefits from the back-to-school season encouraging demand for laptops and tablets. The company posted a much smaller net loss of VND21bn (USD1mn) vs its net loss of VND219bn in Q2 2023, which was mainly driven by a 3.2-ppt uplift in FPT Shop’s GPM on a QoQ basis. Long Chau’s NPM remained resilient at 1.2% vs. 1.3% in Q2. 

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