Maintain BUY rating and target price at VND130,000
We maintain our TP for FPT at VND130,000 to reflect our expectation on the company’s earnings in 2022 and the relative valuation compared to global peers. We believe that FPT’s current share price just fairly reflects the forecast earnings result in 2021 at attractive 2021F and 2022F PER of 22.7x and 18.6x, respectively. With the long-term profit growth of at least +20% YoY thanks to the Digital Transformation solutions and services, we believe that FPT should be valued at 2022F PER of 24.5x, 7.9% premium to its current 2021F PER.
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