- Preliminary Q1 2022 results: Revenue was VND7.7tn (USD335mn; +65% YoY) and PBT was VND195bn (USD8.5mn; 5x YoY), completing 29% and 27% of our respective full-year targets. We believe pharmacy chain Long Chau remains a key growth driver as (1) its store count nearly tripled YoY to 600 in Q1 2022 from 222 at end-Q1 2021 and 400 at YE2021,  and (2) same-store average monthly sales/store in Q1 2022 increased to VND1.5bn (USD65,217) (currently the highest in the sector, according to FRT’s management) from VND1.1bn (USD47,826) in full-year 2021 — and our estimate for average monthly sales/store was only VND920mn (USD40,000) in Q1 2021. Furthermore, we estimate that mobile chain FPT Shop enjoyed double-digit YoY growth; however, this result may not be as splendid as in Q4 2021.