Company Insight

FPT Digital Retail JSC (FRT Retail, HSX: FRT) is one of Vietnam’s leading ICT retailers, operating two ICT retail chains, FPT Shop and F. Studio, with more than 600 stores nationwide. Since entering the pharmaceutical retail market in 2018, FRT’s FPT Long Châu chain has rapidly established itself as a leading nationwide pharmacy retailer, with more than 2,000 pharmacies across Vietnam. Long Châu is the first modern pharmacy retail chain in Vietnam to achieve positive net profit.

In 1H2026, FRT delivered strong business results, with PBT reaching VND1,038bn (+117% YoY), achieving 52% of its full-year revenue target and 67% of its full-year PBT target. Growth was primarily driven by both the ICT and pharmaceutical segments. We expect FRT’s 2026 earnings to remain positive, supported by (1) improving operating efficiency at the ICT chain and a higher contribution from consumer electronics products, and (2) continued expansion of its pharmacy and vaccination center networks. Based on SoTP method, we update the current target price at VND 167,300 – equivalent to BUY recommendation with FRT ticker.