Maintain BUY rating and lift target price to VND130,000
We raised our target price for FPT by +42.7% to VND130,000 (from VND91,100) as reflecting higher-than-expected earnings and valuation compared to global peers. FPT has been successful in transforming itself from a traditional outsourcing model to providing Digital Transformation (DX) and B2B consulting services. Thus, we retain our BUY rating for FPT as our Technology top pick thanks to its robust growth potential and healthy financial position. We see sufficient medium and long-term growth momentum for FPT, backed by: 1) ample growth of DX and domestic IT services; 2) new key growth driver for Telecommunication division from PayTV and Data Center; and 3) promising fruits from new investments and M&A in education, FPT Digital, FPT Smart Cloud, BASE, etc.
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