- Current P/E of FRT shares is 60.6x, which is double the current P/E of MWG shares. However, MWG's business performance is stronger. Therefore, we forecast that 2022 forward P/E of FRT to be adjusted to the average P/E of the two leading retailers (MWG and DGW) - at 22.9x. Based on 1) 2022 expected low net profit; and 2) 2022F P/E of 22.9x, we estimate FRT's 2022 target price at VND33,500, equivalent to a loss of -34.4% compared to the market price of VND51,100 on 27/10/2021.
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