- We increase our target price (TP) for FRT by 1% to VND112,700/share and maintain our OUTPERFORM rating.

- In this Update, we raise Long Chau (LC)’s valuation by 2%, which is partly offset by cutting our valuation of FPT Shop by 5%. We increase aggregate 2024-33F EBIT for LC by 6% due to its operating margins in 9M 2023 beating our expectations despite store expansion. Conversely, we cut FPT Shop's aggregate sales in 2024-28F by 17%, resulting in a 40% decrease in its EBIT. However, this is partially offset by a 50% decrease in its net working capital outflow. We anticipate a slower ICT recovery compared to our previous forecasts.

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