FPT Digital Retail JSC (HSX: FRT) is a top ICT products retailer in Vietnam. In pharma retail segment, Long Chau pharmacy chain is the market leader having more than 1,200 drugstores.
We initiated coverage of FRT at a target price of VND 91,400 – equivalent to an expected return of 15.7%. The main drivers boosting FRT’s revenue and profit in the upcoming time: (i) The economy gradually recovered, helping accelerate the purchasing power of the retail industry in the 2H2023 and in 2024; (ii) Growth potential of the pharmaceutical retail segment.
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