- We increase our target price (TP) for FRT by 16% and maintain our OUTPERFORM rating.

- As we are more conservative on FPT Shop’s earnings recovery, we cut our 2023F and 2024F projected NPAT-MI to -VND305bn and VND25bn from -VND40bn and VND247bn, respectively, and reduce our aggregate 2025F-27F NPAT-MI by 23% (see page 4).

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