Company Insight

FPT Digital Retail JSC (FPT Retail, HSX: FRT) is one of the leading ICT product retailers in Vietnam. FRT owns two ICT retail chains named FPT Shop and F. Studio, possessing more than 600 ICT stores nationwide. Additionally, FRT has also exposed to retail pharmaceuticals named FPT Long Chau since 2018, quickly becoming a familiar brand, leading the market with nearly 2,000 pharmacies across the country. Long Chau is the first modern retail pharmacy chain to achieve positive bottom line in Vietnam. In 2025, FRT recorded a record-high NPAT of VND 984 billion (+141% YoY), driven by the robust growth of its pharmaceutical chain. We expect business performance to remain positive in 2026, supported by (1) the restructuring of the ICT chain and (2) the continued expansion of its pharmacy and vaccination chains. Based on SoTP method, we update the current target price at VND 188,600 – equivalent to HOLD recommendation with FRT ticker.