Company Insight

Update recommendation with HOLD rating, at target price VND 140,100

FPT Digital Retail JSC (FPT Retail, HSX: FRT) is one of the leading mobile digital products retailers in Vietnam. FRT owns two technology equipment retail chains (ICT) named FPT Shop and F. Studio, equivalent to nearly 800 ICT stores. In addition to maintaining its position in ICT retail market, FRT also has efficient business strategy in pharma retail segment. Long Chau pharmacy chain has become a familiar pharmaceutical retailer, leading the market with nearly 1,500 pharmacies across the country.

In 2024, we project FRT's business result to be optimistic, underpinned by a gradual reemergence of ICT consumer demand, alongside a robust growth of Long Chau chain. Based on FCFF and P/S methods, we update the target price at VND 140,100 – corresponding to the HOLD recommendation.